Care home: 'Barclays did not explain interest swaps'
– Gary Hartland, GCH chief executiveIt 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.
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.
More top news
Diabetes drug moves Parkinson's treatment a step closer
A common diabetes drug called Exenatide could be beneficial for the treatment of Parkinson's disease, new research suggests.
The Tories left bewildered by Bill on gay marriage
In an article for ITV News, Conservative councillor Mary Douglas talks gay marriage and urges David Cameron to return to 'core values'.
UK's new spaceman describes mission as 'true privilege'
Major Tim Peake will be the first British astronaut in space for 20 years - but has no plans to sing any Bowie songs from outer space.