Barclays successfully defends first swap mis-selling claim involving a claim by individuals for breach of statutory duty

by Dentons


Barclays successfully defends first swap mis-selling claim involving a claim by individuals for breach of statutory duty – Ramesh Jadavji Parmar and Rama Ramesh Parmar v. Barclays Bank PLC [2018] EWHC 1027 (Ch) 

In a comprehensive judgment, Mr Hochhauser QC, sitting as a Deputy Judge of the Chancery Division (the judge), has today dismissed claims for alleged breaches of statutory duty in relation to two interest rate hedging products (IRHPs) entered into by the claimants in April 2009. This is the latest in a long line of authorities in the swap mis-selling arena which have been decided in the banks' favour. The judgment is of particular note as it is the first IRHP claim to reach a full trial involving an s.138D Financial Services and Markets Act 2000 (FSMA) claim by a private person for alleged breaches of the FCA's Conduct of Business Sourcebook Rules (COBS). The claim also raised allegations regarding an alleged failure by Barclays to disclose its internal calculation of the maximum credit risk that it faced in the event of a default by the claimants on the IRHP (referred to as CEE (credit equivalent exposure)). Similar allegations have of course been considered and dismissed by the Court of Appeal in Property Alliance Group Limited v. The Royal Bank of Scotland PLC [2018] EWCA Civ 3551 (PAG).

The judge found entirely in Barclays' favour, save for some minor technical breaches of COBS (in relation to which no loss flowed), and held, in particular, that the sale was not advised (but that even if it was the IRHPs were suitable), that the IRHPs were appropriate and that, on the facts of the case, there was no obligation to disclose the existence of the CEE limit to the claimants.

The parties and factual background

The claimants are the owners and directors of a limited company, which imports and sells latex gloves to the medical profession. They owned the commercial premises from which their company traded and in addition to this a portfolio of residential investment properties. Mr Parmar was the primary contact and, whilst he was an experienced businessman, unlike in many of the claims to date, he had no prior experience of IRHPs.

The judgment contains a detailed explanation of the factual background leading up to the sale of the IRHPs in April 2009, which we do not repeat here, save to note that:

  • the claimants entered into two fixed rate swaps at a rate of 3.48 per cent, after the Bank of England base rate had already fallen to its (then) low of 0.5 per cent;
  • by the time the claimants entered into the swaps, they had been provided with six different presentations explaining a range of different IRHPs, including a cap, over a three-year period;
  • the content of those presentations was discussed and explained in telephone calls and two meetings with Mr Parmar prior to trading;
  • the presentations contained warnings regarding the potential for break costs to be incurred, including worked scenarios;
  • whilst hedging was not a condition of the claimants' lending, Mr Parmar wished to achieve a fixed rate of interest and did not wish to pay a premium. At that time, Barclays was not offering fixed rate loans to customers and, accordingly, the only way in which Mr Parmar could achieve this was through an interest rate swap; and
  • the presentations and contractual documentation for the IRHPs contained a number of disclaimers and representations regarding the non-advisory nature of the relationship (referred to as basis clauses).  

The claim

In common with most cases in this area, the claimants' claim originally included allegations of negligence, breach of fiduciary duty, alleged tortious and contractual duties regarding the bank's conduct of the past business review into the sale of interest rate hedging products (the Review claim) and alleged breaches of various COBS rules.

The Review claim was abandoned prior to trial following the Court of Appeal's decision in CGL Group Ltd v. Royal Bank of Scotland [2017] EWCA Civ 10732 and the remaining causes of action were abandoned on the first day of trial. The trial therefore proceeded solely in relation to the alleged breaches of statutory duty.

The claimants alleged that, but for the alleged breaches of COBS, they would have entered into two interest rate caps for a term of five years at a rate of 4.5 per cent. The claimants claimed direct losses of £338,745.54 plus interest and consequential losses of £530,270 in respect of a proposed property purchase which the claimants alleged the Bank would not fund as a result of the CEE limit.

Did the bank advise?

The judge considered the case law in this area and referred to the general principles regarding what is considered to constitute advice as opposed to simply the giving of information, summarising that the test is an objective one taking into account the evidence in the round. Applying this approach to the information provided in the presentations and the bank's conversations with Mr Parmar as a whole, the judge concluded that this was not an advised sale and, as such, COBS 9 was not engaged. In reaching this decision, the judge found that (amongst other things):

  • The matters relied upon by the claimants (for example, that Mr Parmar was a longstanding customer of the bank and was not shopping for hedging products) were not indicative of any advisory relationship.
  • References in the presentations to Barclays' various accolades and the words "Corporate Risk Advisory" beneath the name of the Barclays Capital salesperson did not mean that Barclays was providing advice (following the decision of HHJ Moulder in Thornbridge Ltd v. Barclays Bank PLC [2015] EWHC 3430 (QB) (Thornbridge)), nor did the references to "bespoke", "our more popular solutions", "tailoring the protection" and "features and benefits".
  • Whilst Mr Parmar was provided with information regarding the pros and cons of different IRHPs, the presentations did not promote one product over another. No recommendation was provided to Mr Parmar as to which of those IRHPs he should enter into. 
  • Following Thornbridge, for a recommendation to constitute advice, it must be made in respect of a particular product. Mr Parmar did not assert that any such recommendation was made and the judge found that Mr Parmar decided for himself to enter into the IRHPs having carefully considered all of the information provided to him. 

The judge also relied upon the principles established in Zaki v. Credit Suisse UK Ltd [2011] EWHC 2422 (Comm) (Zaki) and Basma Al Sulaiman v. Credit Suisse Securities (Europe) Limited and Plurimi Capital LLP [2013] EWHC 400 (Comm) (Basma). In those cases it was held that, when considering COBS 9, the court should have regard to substance over form, i.e. if an investment was suitable for a client, it did not ultimately matter if there had been failings in the process.

Whilst it was not necessary to do so, in view of the judge's primarily findings regarding the allegations of advice, he further concluded that, even if the sale was advised, he would have found that the IRHPs were suitable for the claimants in accordance with COBS 9. In reaching this conclusion the judge relied upon (amongst other things) Mr Parmar's stated desire to obtain a fixed rate and his refusal to pay a premium.

Were the IRHPs appropriate?

Central to this element of the claim was the claimants' allegations that the bank had failed to conduct an adequate fact-finding exercise regarding the claimants' background, experience, knowledge, needs and objectives and necessary understanding of the risks prior to entering into the IRHPs.

However, it was clear from the evidence that Mr Parmar had regular dealings with Barclays Capital and that considerable information was obtained by Barclays over the course of the three years. Key to the judge's decision was a summary contained in a presentation provided in January 2009, which set out in detail the bank's understanding of the claimants' financial position and objectives. Accordingly, whilst the judge held that the fact-finding exercise was undertaken incrementally over the period of discussions, it was apparent that, by January 2009, the bank held sufficient information regarding the claimants and the bank accordingly had not acted in breach of COBS 10. The judge also bore in mind the principles in Zaki and Basra (referred to above) in this regard.

The basis clauses

The judge rejected Barclays' reliance on prior authorities (in which the banks' basis clauses have been unanimously upheld) including Thornbridge and Crestsign v National Westminster Bank and another [2014] EWHC 3043 (Ch) and held that, had Barclays been found to have given advice, then it would not have been able to rely on its basis clauses as to do so would be in breach of COBS 2.1.2. In this regard, the judge held that it was not necessary to consider the provisions of UCTA as the matter is governed by COBS 2.1.2, which prevents a party from seeking to exclude or restrict any duty. Given that the claim involved a private person, the decision is not entirely surprising and it can of course be distinguished from the case law to date, none of which involved an s.138D claim by a private person.

Other areas of complaint

The remainder of the claimants' principal areas of complaint can be broken down into three distinct areas:

(i) Break costs

The claimants alleged that the presentations provided to the claimants failed to give a sufficient explanation of the potential magnitude of break costs. The judge concluded that the bank provided the claimants with both qualitative and quantitative illustrations of break costs and that Mr Parmar fully understood the operation and potential magnitude of the costs involved prior to trading, including their variable nature, having undertaken his own calculations in this regard.

Whilst the judge considered that the reference in two of the presentations to the calculation of break costs being analogous to those payable under a fixed rate loan was inaccurate (and therefore in breach of COBS 2.2.1, 4.2.1, 4.5.2 and 14.3.2), it was apparent that Mr Parmar understood the nature of break costs notwithstanding this. Accordingly this had no effect on the sale and did not cause the claimants any loss.

(ii) Information provided regarding a cap

The judge rejected the claimants' assertions that the presentations provided failed to prominently identify the true value of a cap in comparison to the IRHPs. Whilst the judge held that Barclays breached COBS 4.5.6 and 14.3.2 in failing to include reference to the fact that a break cost would never be incurred in respect of a cap in the written presentation, the judge found that as a matter of fact Mr Parmar was well aware that no break costs were associated with a cap from his verbal discussions with Barclays. Accordingly no loss flowed from these breaches.

(iii) Was the bank obliged to disclose the CEE limit?

In keeping with the case law to date and, in particular, the decision of the Court of Appeal in PAG, the judge concluded that, in order to comply with its obligations under COBS, the bank was not required to disclose the CEE limit associated with the IRHPs in order to enable Mr Parmar to understand potential break costs. In reaching this conclusion, the judge found that (as set out above) Mr Parmar was already fully aware of the calculation of break costs and that the bank may discharge its obligations under COBS by providing adequate break cost examples and discussing them with the client, which it did.


  • The judge accepted the bank's submissions that CEE was not a contingent liability as it represented the bank's near worst-case scenario in the event of a default by the claimants.
  • The method of calculation of the CEE varied between banks and the break costs may not even comprise part of that figure. 
  • It was not the practice of Barclays or indeed other banks to disclose their CEE limits. As the claimants' own expert agreed, the CEE limit was entirely different from the break costs and would therefore not ever be payable by the customer.
  • In this instance, the CEE limit had no impact whatsoever on the claimants' ability to borrow further funds from the bank and the bank's refusal to lend funds for a proposed property purchase was based on entirely unrelated reasons.
  • Accordingly, whereas in this case the likelihood of the CEE having any effect on the claimants' ability to further borrow from Barclays was minimal, Barclays was not required to provide information about it.
  • The judge, however, did consider that there may be other factual situations where the CEE limit could have a significant impact on future borrowing, where disclosure may have been necessary to comply with the COBS rules. 


This is another welcome decision for banks that continue to face (albeit in decreasing numbers) allegations of mis-selling regarding these products, following the announcement of the review in June 2012. Whilst it is apparent that the findings in this case are very fact specific, the body of case law in this area remains firmly in the banks' favour and claimants will therefore need to carefully consider the merits of bringing or indeed continuing similar actions in these circumstances. 




DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dentons | Attorney Advertising

Written by:


Dentons on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.