Care home: 'Barclays did not explain interest swaps'

It is simply wrong that with one hand a bank is aggressively selling a highly complex financial product designed to protect someone against an interest rate rise, while the other hand is manipulating the rate for its own benefit.

– Gary Hartland, GCH chief executive

The company claims it was not properly informed that the swaps could incur huge costs in the eventuality of interest rates falling.

In addition GCH, which employs more than 900 staff, claims Barclays did not inform the business that it would have to pay a £25 million break cost if it wanted to exit the swaps.

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Barclays' Libor 'swaps' trial

Barclays is to face a full trial on 'swaps' based on Libor rates. A Wolverhampton-based care home operator will take on the banking giant in a landmark case at the High Court over claims it was mis-sold complex financial products.