Mis-Sold Business Loans – Swap Loan Mis-selling News Round up from the web. Please note that we accept no responsibility for any third party web site. News round up courtesy of Google.

HSBC creates £1.2bn pot to cover misselling costs

HSBC has set aside £787m to cover the costs of misselling claims in the UK and about £445m to cover the costs of failings in relation to money laundering in its US business. The bank’s interim results, published last week, show it has set aside £637m to cover the costs of claims relating to the misselling of payment protection insurance and about £150m for claims relating to the misselling of interest rate swaps to small businesses…


Swaps review will lead to speculative misselling claims

On 29 June 2012, the FSA announced that it had found serious failings in the sale of interest rate hedging products to some small and medium sized businesses. The FSA confirmed that it had reached an agreement with four major banks to provide what it deems appropriate redress where mis-selling has occurred. The FSA subsequently announced that seven more banks had agreed to join its review of sales of these products…


Business owner faces crippling £8k a month swap payments

Lloyds Banking Group business customer who was sold an interest rate swap alongside a £2.3m loan is facing monthly payments of £8,000 for the swap and exit penalties of up to £800,000. Mike Chadwick took out the loan from Lloyds in 2007 to finance property development plans on plots in Devon and Sheffield. He says the bank told him it would not be able to offer finance unless “protection” was in place…


Firms ‘still in denial’ over loans scandal

A £50 million RBS provision for redress to business customers who may have been mis-sold interest rate swap agreements (IRSAs) was seized on yesterday by campaigners as evidence that banks are “still in denial” about the extent of the scandal. The £50m compares with £450m set aside last week at Barclays, which like RBS has told the Financial Services Authority that it sold IRSAs to some 5000 business customers…

The Herald Scotland

RBS reports £1.5bn first-half loss

Looses from provisions for mis-selling financial products, the recent IT failure and £2.9bn accounting loss on value of its own debt. Royal Bank of Scotland Group (RBS) has reported a loss of £1.5 billion for the first six months of the year as mis-selling of financial products and the cost of last months IT failure mount up. The first-half loss was nearly double the £794 million loss reported for the same period last year and takes the group’s total losses since the 2008 banking crisis to £32.5 billion…


Moore backs Lib Dem moves to fight for small businesses

Borders MP Michael Moore is backing Lib Dem moves in Government to fight for small businesses who have been mis-sold loans by their bank. The financial ombudsman recently revealed that several big banks had misrepresented loan rates which had a severe impact on businesses in the UK. Business Secretary Vince Cable has been in contact with relevant authorities to urge them to address the problems quickly…


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