The mis-selling of business interest rate loans (business swap loans) is another scandal by the banks.

If you have taken out a Lloyds TSB business loan and was advised to take out a product alongside the business loan that was supposed to protect you against the rise of bank loan interest rates, you may have a claim for business loan mis-selling. For further information on these business swap loans please contact us for free initial advice.

The FSA(The Financial Services Authority)has looked into the mis-selling of Lloyds TSB business loans and considered that there may be a claim for compensation. The FSA has provided a review of the interest rate swap loans sold to small to medium size businesses (SMEs) by the four largest banks in the UK (including HSBC, Barclays and RBS).

The type of Lloyds TSB business interest rate loan mis-selling are listed below, taken from the FSA web site:

  • swaps– which enables the customer to ‘fix’ their interest rate
  • caps– places a cap on any interest rate rise
  • collars– enables the customer to cap interest rate rises by limiting rate fluctuations to within a simple range
  • structured collars– enables the customer to cap interest rate rises by limiting rate fluctuations to within a range (with a lower ceiling than a simple collar) but involves more complex arrangements if base rate falls below floor limit.

After a review of the mis-selling of Lloyds TSB business loans or swap loans, the FSA found that when properly sold, in the right circumstances to the right customers, these products can protect customers against the risk of interest rate changes. However, when sold to ‘non-sophisticated’ customers, likely to be smaller business which wouldn’t necessarily have specific expertise and understanding in this area, some products may not have been appropriate for their needs.

If you are a small to medium size business that has been sold a Lloyds TSB business loan with a swap interest rate product pleasecontact usto see if you have a claim for Lloyds TSB mis-sold interest rate swap compensation. You could be owed £thousands!

Further Reading

Bank Mis-selling claims

Swap Loans

How Swaps are Sold

Swap Loans In The News

Caravan Park Swap Loans

IRSA business loan insurance mis-selling

Swap Loans, No Win, No Fee

Swap Loans Blog

Share this article

Start Your Claim

We’re ready to start working with you


Call Us

Call our legal helpline to talk to an expert now.


Claim Online

Start your claim online and get started quickly.


Visit Us

Our offices are in Mossley Hill, Liverpool

Contact Us