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Banks face mis-selling payouts

Britain's scandal-hit banking industry was facing another hefty compensation bill after a review of complex products sold to small businesses found more than 90% had been mis-sold.

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FSA's 'alarming' report will 'bring relief to small firms'

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.

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