UK Banks have once again mis-sold products, this time to small businesses, which have resulted in customers losing vast sums of money, their jobs, their businesses and even their homes. The Interest Rate Swap scandal is decimating small business across the country. Yet, when Chief Secretary to the Treasury Danny Alexander gave a speech before the British Banks Association this morning, he didn’t mention it once. In fact, he celebrated “our improved regulatory regime”. The Latest Banking Scandal Whilst the government has been busy directing public wrath at the 0.7% of benefit claims which are fraudulent, a far greater crime is being perpetrated by the high street banks, who have once more engaged in mis-selling on an industrial scale. The bulk of the mis-selling occurred over the three years 2005-8 and was carried out principally by RBS, Barclays, HSBC and Lloyds Banking Group.
Posted on: Sat, 30 Nov 2013 19:13:58 +0000