FSA finds banks guilty of mis-selling to small firms

FSA finds banks guilty of mis-selling to small firms

www.bbc.co.uk

The Financial Services Authority says banks mis-sold specialist insurance known as interest rate swaps tied to thousands of small businesses.

The FSA said it had found "serious failings" in the sale of the products, designed to protect firms taking out loans against rising interest rates.

The FSA said it had reached agreement with Barclays, HSBC, Lloyds and RBS over providing "redress".

(visit the link for the full news article)



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The mis-selling is the third case of serious malpractice at the UK's banks

When, oh when, are we going to learn...???

People are still claiming for the PPI that was mis-sold by the banks. (see thread linked below)

But it's the words 'serious malpractice' that keep on rising up from the scam that is the banking system.
Just the other day, Barclays was fined £290 million GBP (see linked thread below) for its efforts in trying to manipulate the system.

IMO. the banks are behind the cause of the global recession.. but there is a reason as to why they are doing it.
I feel it may be because somebody who has a very close friendship with the banks wants all the little businesses out of business so that all we are left with is the big boys, the big corporations running everything. The banks/corps don't want the man on the street to have his own little empire, they want all the money in one pot where it is easier to keep track of and costs the banks less in having to process all the transactions.

They were saying on the news this morning that many small businesses had to shut down due to the mis-sold product the banks offered. They say in the BBC news report that business' would be compensated.. but what about those who collapsed completely? They've not been that clear on that yet.

Something is very worng and very rotten at the core of the banking system.

Notice the same name banks.. Barclays, RBS and Lloyds.. these are under investigation for the manipulation of the market.

RBS was involved in the big computer crash the other week too..(see linked thread)

Just what is going on with the banks? Why are we not putting a stop to their serious malpractice?

Lloyds said that it had not sold these types of products widely, and therefore was not expecting the costs of redress to be substantial.

So what??? You've made a mistake, you've sold something you should not have.. read the comment "serious malpractice"..don't you get it??

many were told that without signing up they risked being refused credit.

Threatening behaviour in my mind.. down right out of order..

Please let's lock these criminals up..



www.bbc.co.uk
(visit the link for the full news article)

This is great news for the likes of me and other Small Businesses.

I am currently caged by this Interest Rate Swap. We constantly told our Bank Manager to look into it etc. and he just kept saying, it's fine, it's all legal etc. etc. Not that I expected him to tell me the truth.

They only gave us the loan if we took the IRSA and also never told us about the big exit fee that would be added if we wanted to opt out of it at a later stage.

I was on the verge of losing my business, my house ... Everything ... But banks just don't care about stuff like that. They're just not human from inside...

So all along they stood their ground and the minute FSA stepped in, they all buckled ...

Now I am waiting for good news to drop through my letter box ... SOOOON!



This is certainly a breath of fresh air for everyone ... But the banks we rely on ... The banks we put all our earnings and saving in ... are the same people robbing you blind ... Barclays bank just a few days ago got caught out for playing with interest rates (LIBOR - EURIBOR) ... It's appalling!

reply to post by faryjay


I'm really glad you will not suffer at the hands of these scum. I feel real sorry for anyone who has fallen foul of this scam.

I would be banging on their door every morning, noon and night with requests for repayment of all moneys paid and for compensation, plus interest... use the same methods they use against them..

And yes, they are robbing us all blind.. Some comments made by some MP somewhere made me think that even the government is starting to lose faith in the banks.. We may see some heads roll.. I hope to see a lot roll..

We all know who is in control of the banks and the mega corps..

This has just been posted

Bank of England governor Sir Mervyn King has called for a change in the UK's banking culture, saying they have treated their customers shoddily.

He said that many people in banking system were honest and hard working but had been "let down" by their leaders.

www.bbc.co.uk...

along with this;
Can we still trust our banks?

Can we?

There was once a time when you were in fear of having to speak to the bank manager for a loan or the like. These days, you never see the manager. You're just a number that has potential to earn profits.

The banks have completely abused their position. It would appear that they feel above everyone else.
It may be that they feel this way due to the fact that without this system, nobody would eat or pay their rent/mortgage..
Caught by the proverbial short and curlies..

On top of all that there is this...
Eurozone agrees on bank recapitalisation

reply to Mis Selling Interest Rate Swap


We are a group of members to co-ordinate complaints against the Banks when
Mis Selling Interest Rate Swap Agreements ("IRSAs")


Thanks

reply to IRSA Mis Selling


Hello!!

Roguebanks.co.uk is a support group committed to raising awareness and providing a life-line for the sufferers of the latest trend of misleading financial products to riase their ugly head in the market.

Thanks

The Financial Services Authority has a cop out in that its overriding principle is to protect the integrity of the Financial Markets.

This is a double edged sword as it can be used to justify malpractice, One example is to refuse redress on PPI sold by car companies due to the danger of bankrupting them if they are forced to pay compensation.

Also the FSCS is protecting Welcome Finance from full liquidation due to claims etc. This is a can of worms that needs investigating by the papers.