Opinion

Banks mis-selling to SMEs: an update

1 min read

19 March 2012

Following on from the Telegraph's exposé about banks mis-selling to SMEs, the FSA has agreed to listen to business owners. Hurrah?

A short update to my piece last week about banks mis-selling to SMEs:

The latest edition of The Sunday Telegraph says it has been inundated with complaints from business owners over the sale of interest rate swaps. 

The FSA is now saying “if there’s anyone who would like us to look at evidence they would be welcome to contact us”, which is a bit of a change from “it is a complicated issue and that is all we want to say at this time”.

A chap called Jeremy Roe has set up a website called Bully-Banks.co.uk to help affected small businesses co-ordinate their response. If you feel you have not understood your interest rate swop then that may well be worth a visit.