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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.

Banks will review sale of financial products
Belfast Telegraph
Three of the main Northern Ireland banks have joined with four others in agreeing to review the sale of complex financial products to small businesses and compensate customers where there is evidence of misselling. Allied Irish Bank, Bank of Ireland and A survey by Bully Banks, which has been set up by alleged victims of swap misselling, found nearly three quarters of its members claim to have been forced to buy a swap by their lending bank as a condition of their loan. Northern Bank confirmed it was taking

Barclays Bank mis-sold business interest rate swap loans

HSBC shamed into apology after £1.3billion bill to cover cost of THREE separate
Daily Mail
This was the insurance sold by all the banks to cover repayments on loans and credit cards;; £150million to repay business customers – typically small traders – for misselling complex financial products known as interest-rate swaps. These products were

HSBC mis-sold and swap loans

Barclays Bank mis-sold business interest rate swap loans

RBS Bank mis-sold business interest rate swap loans

Lloyds mis-sold business interest rate swap loans

HSBC mis-sold business interest rate swap loans

Banks to review complex hedging
Financial Times
Seven more banks have agreed to review their sales of interest rate protection products to small businesses, and offer redress to these customers if misselling has taken place, the UK regulator has announced. They will join Barclays, HSBC, Royal Bank of Scotland and Lloyds Banking Group which agreed at the end of June to compensate “non-sophisticated” customers after an FSA probe found “serious failings” in the way customers were sold products that were meant to protect them from swings in loan costs.

Barclays Announces Rise In Profits Despite £450m Bill For Misselling Products
Huffington Post UK
The embattled banking giant also revealed a potential £450 million bill for misselling complex financial products to unwitting small businesses. But stripping out the provision and other charges, the bank still saw its adjusted pre-tax profits rise 13% to £4.2

Lloyds Posts Unexpected First-Half Loss on Insurance Redress
Businessweek
Lloyds Banking Group Plc (LLOY), the first of Britain’s four biggest banks to report earnings, posted an unexpected loss after setting aside additional money to compensate clients missold loan insurance. The net loss narrowed to 641 million pounds ($998

HSBC boss ‘profoundly sorry’ over money laundering and misselling
Citywire.co.uk
It has also set aside $246 million for potential compensation to business customers who were missold complex and costly interest rate swaps as another form of loan insurance. This follows similar moves on PPI and interest rate swaps by Barclays and Lloyds

Further Reading

Bank Mis-selling claims

Swap Loans

How Swaps are Sold

Swap Loans In The News

Caravan Park Swap Loans

Business Swap Loans

Swap Loans, No Win, No Fee

Swap Loans Blog

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