FCA figures released today show that banks doubled their payouts to small businesses for mis-selling interest rate hedging products in January.
Banks have increased the rate of payouts over the mis-selling of financial products to small businesses, with the total reaching £158.6m in December.
UK banks have put aside more than £3bn to compensate small businesses that were mis-sold ‘swaps’. Daniel Hall, expert on mis-sold swaps, outlines the ten key points everyone should know about this issue.
Claims management firm Hamilton Richards is calling for a radical overhaul of how mis-selling of interest rate swaps and other hedging products (IRHPs) is handled.
Alison Loveday at Berg law firm, explains how to put your business in the best position ahead of an interest rate swap mis-selling case.
Businesses are absorbing the outcome of a pilot study by the FSA, which found that over 90 per cent the interest rate hedging products banks encouraged SMEs to take out were mis-sold.
Following on from the Telegraph’s exposÃ© about banks mis-selling to SMEs, the FSA has agreed to listen to business owners. Hurrah?
The most recent edition of the Sunday Telegraph looks to have unearthed a particularly nasty form of mis-selling to SMEs. Will the FSA act or will it reconfirm some commentatorsâ label as the “Fundamentally Supine Authorityâ?