Mis-selling victims urged to attend summit

An estimated 40,000 businesses across the UK have been hit by the mis-selling scandal linked to interest rate swaps; complicated derivatives that might have been sold as protection – or to act as a hedge – against a rise in interest rates. In many cases, the customers did not fully grasp the risks involved. They were marketed as low-cost protection against rising interest rates, often as a condition of a business loan.

But businesses were left with colossal bills after the financial crisis pushed interest rates down to historic lows.

A pressure group, Bully Banks, has been set up to represent small businesses who have been mis-sold these products.

Bully Banks claims that victims’ problems are not over, despite the fact that the Financial Conduct Authority (FCA) has put a redress system in place.

Bully-Banks chairman Jeremy Roe said: “As we start to see the redress offers made to the first few members it is clear that there are major issues that require urgent resolution and will require the involvement of all of the mem-bers.”

The Bully Banks conference will be held on Sunday, June 30 at the Holiday Inn, Smallbrook Queensway, Birmingham.

For more information about the conference visit the website www.bully-banks.co.uk