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Wyre Forest MP to take action over 'reckless' banking
WYRE Forest’s MP is to help protect small businesses from “reckless banking practices”.
Conservative Mark Garnier has joined, as vice chairman, a new Parliamentary group to investigate the mis-selling of interest rate hedging products by UK banks and the effect this has had on small and medium-sized enterprises (SMEs).
The all-party mis-selling group has already attracted 48 MPs from across the parties, reflecting the serious concerns among Parliamentarians about whether enough is being done to support the thousands of SMEs impacted by the mis-selling of “swaps”.
According to Mr Garnier, the Financial Services Authority redress scheme is currently not providing the level of independence necessary to ensure a fair hearing for claims.
He says action needs to be taken to support the SMEs who have been mis-sold these products by banks - many of whom are being forced into administration.
“The group aims to ensure SMEs are not marginalised by those banks who are managing the claims over their own mistakes and to prevent such reckless sales practices from occurring again,” he added.