Two law firms, Farley Dwek and Hilton Law, have teamed up in the Spinningfields district of Manchester under the Farley Hilton Dwek brand to help clients recover the correct level of compensation from banks who mis-sold controversial derivative products.
Pete Davies, Director of RMS, said their brief was to position Farley Hilton Dwek as the voice of interest rate swaps and to fight for business owners to make sure they get a fair deal from banks.
“We will be launching our PR campaign later this month and developing a social media strategy as well as managing sponsorship and advertising campaigns for the team.
“We’ll also be reaching out to other professionals such as accountants and insolvency practitioners through direct marketing activity who may be a in a good position to recommend Farley Hilton Dwek.”
Derivatives, typically called ‘interest rate swaps’ but also known as ‘caps’, ‘collars’ and ‘structured collars’ were supposed to safeguard small businesses against rising interest rates but in many cases ended up costing them thousands of pounds in extra fees and charges.
The Financial Conduct Authority has already given Britain’s biggest banks permission to start paying an estimated £2bn in compensation owed to small firms.