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.
Seven banks to review business loan sales
Seven more banks have agreed to review the sale of specialist insurance to small businesses to check for mis-selling. The City watchdog has already found “serious failings” at four other banks in the sale of the products, known as interest rate swaps.
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Redress for business victims of interest rate swap mis–selling widened
IRSAs – or interest rate swap agreements – are complicated derivatives products which are sold alongside business loans to help protect small businesses against rises in interest rates. They are not an insurance policy as such, but were effectively insurance …
More UK banks to review sale of hedging products
LONDON (Reuters) – Seven more British banks have agreed to review past sales of interest-rate hedging products to small businesses and to compensate customers for any misselling which may have occurred, the Financial Services Authority said on Monday. Allied Irish … The products range in complexity from caps that fix an upper limit to the interest rate on a loan, through to complex derivatives known as “structured collars” which fixed interest rates with a bank but introduced a degree of interest rate speculation.
Clydesdale and Yorkshire in mis–selling talks with FSA
Under-fire payday loan firms set to unveil code of conduct … The Clydesdale and Yorkshire banks are the latest to be dragged into the watchdog’s inquiry into the mis–selling of complex derivatives to small businesses. The regional banks, owned by National …
Further business loan sales to be reviewed
A further seven UK banks have agreed to review the sale of specialist insurance to small businesses to check that products have not been mis–sold. Four other banks have already been found guilty of mis–selling interest rate swaps, although there was no …
Watchdog to probe Yorkshire Bank over mis–selling
The FSA has already reached a settlement with Britain’s Big Four banks – Barclays, HSBC, Lloyds Banking Group, and Royal Bank of Scotland – which could see them pay millions of pounds in compensation to businesses mis–sold interest rate swaps. In June … These products range in complexity from relatively simple ‘caps’ that fixed an upper limit to the interest rate on a loan, through to more complex derivatives such as ‘structured collars’ which fixed interest rates within a band but added a degree of speculation.
Seven more banks join hedging mis–selling probe
Seven more banks join hedging mis–selling probe. Seven banks have volunteered to review the interest-rate hedging products they sold to businesses after four high-street banks were forced to pay compensation to customers after a decade of mis–selling. Last month the Financial Services Authority … The products range from caps that fix an upper rate on a loan to complex instruments that fix interest rates within a band. The FSA said it had not reviewed the sales made by the seven banks and has not found any …
Mis–sold swap compensation scheme widened
Many of those persuaded to move from variable rate loan facilities to derivative products are struggling to pay off debts ranging from £500000 to £10m, according to lawyers . The regulator has estimated that as many 28000 businesses were sold interest rate …
NAB’s UK bank arm agrees to loan review
The FSA recently found the UK’s four biggest banks – Barclays, HSBC, Lloyds and Royal Bank of Scotland – guilty of mis–selling interest rate hedges to small- and medium-size businesses. If the review finds the Clydesdale and Yorkshire banks were also …