A Financial Services Authority (FSA) project to compensate thousands affected by the interest rate swaps mis-selling saga has been criticised for not having the victims' interests at heart.
The Federation of Small Businesses (FSB) has written to the Treasury to express its "urgent concerns" that the FSA's process has had the banks "at its core" and that costly litigation may end up being the "only route" available to victims, reports the Telegraph. More than 40,000 interest rate derivatives are estimated to have been sold to smaller and medium sized businesses by banks in the past decade, according to the FSA. The complex derivatives products - which were sold alongside conventional bank loans - were supposed to protect against a rise in interest rates, but left customer...
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