Lloyds Mis-selling Business Loans
We possess an excellent track record of acting for Lloyds bank customers in recovering compensation in many legal issues from contract disputes to financial mis-selling of insurance products and services.
If you have taken out a Lloyds business loan and was advised to take out a product along side the business loan that was suppose to protect you against the rise of bank loan interest rates, you may have a claim for business loan (swap loan) mis-selling. The FSA(The Financial Services Authority)has looked into the mis-selling of business interest rate swaps and considered that there may be a claim for compensation.
The type of Lloyds 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.
The FSA(The Financial Services Authority)has looked into the mis-selling of Lloyds business interest rate swaps 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.
The four largest banks are listed below:
After a review of the mis-selling of Lloyds 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 business loan with a swap interest rate product pleasecontact usto see if you have a claim for Lloyds mis-sold interest rate swap compensation. For more information aboutbusiness interest rate swaps mis-selling.