SMEs losing out on mis-selling compensation
An investigation by the Times suggests that banks are failing to pay out sufficient compensation to SMEs over the mis-selling of interest rate hedges. The paper says it has uncovered a “flawed but legal” mechanism in the regulator's scheme that allows banks to cut compensation awards to their customers by hundreds of thousands of pounds potentially. A spokesman for the FCA said: "Our aim is to secure fair and reasonable redress for those affected. We have kept a close eye on decisions as they have been made to check that fair and reasonable redress is being offered. We will continue to monitor the process as it reaches its conclusion. A commentator states that banks are making "nonsensical" decisions that were "unfair" for small businesses, especially those that could not afford to take legal action.
The Times, Page: 37, 42, 43
No comments:
Post a Comment