The Federation of Small Businesses (FSB) has called on banks to take swift action to compensate the businesses caught up in the mis-selling of interest rate 'swaps' "scandal." The FSB said it is concerned there is still not a clear route for businesses to appeal a decision.
The FSA’s report into mis-selling highlights the seriousness of the situation finding that 90 per cent of loans were mis-sold. This is alarming, but will come as a relief to the thousands of small firms who have been anxiously waiting for an outcome on this very complex situation.
The City watchdog found that 90% of interest rate swaps sold to small businesses were mis-sold, and customers are entitled to compensation.
An FSA review found that more than 90% of so-called interest rate swaps sold to businesses were mis-sold. But what are they?