Interest rate swap mis-selling 'a big a scandal as PPI' - MP

clock •

The country's biggest banks have been accused by MPs of a massive mis-sale of complex interest rate swaps to thousands of businesses, the Telegraph reports.

Politicians from all major parties named Barclays, HSBC and Royal Bank of Scotland (RBS) among lenders who had forced small business to buy the products - which, the report said, had bankrupted some firms. Tory MP Mike Freer, a former senior banker at Barclays, said he was "shocked and appalled" one of his constituents had been treated. Another Conservative, Gary Streeter, said: "It is truly a scandalous story. I suspect it will become as big a scandal as the mis-selling of payment protection insurance." It said the swap products were supposed to protect against rinsing interest rates ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Watch Professional Adviser's Working Lunch with Baillie Gifford - Emerging Future: Rethinking the World's Growth Engine

Watch Professional Adviser's Working Lunch with Baillie Gifford - Emerging Future: Rethinking the World's Growth Engine

Catch up on the discussion

Professional Adviser
clock 13 October 2026 • 1 min read
Fifty years after 'Bogle's Folly', what comes next for financial advice?

Fifty years after 'Bogle's Folly', what comes next for financial advice?

'Indexing will continue to grow, but the wrapper through which investors access it will change'

Gillian Hepburn
clock 12 October 2026 • 4 min read
Chris Justham: Why the industry must 'entertain and engage' investors

Chris Justham: Why the industry must 'entertain and engage' investors

‘We can’t just offer them a dry cracker and ask them to chew it down’

Chris Justham
clock 07 October 2026 • 3 min read