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Bank charges: Banks 'must compensate' mis-sold businesses

Banks should take "swift and decisive" action to compensate small companies caught up in the mis-selling of interest rate hedging products (IRHPs), a leading business lobby has said.

The Federation of Small Businesses (FSB) described the finding by the Financial Services Authority that 90 per cent of IRHP loans were mis-sold was a serious situation.

This week the FSA said Barclays, HSBC, Lloyds and RBS will start a full review of their sales of IRHPs to small businesses after a review found serious failings in the sale of the product.

"The FSA's report into mis-selling highlights the seriousness of the situation finding that 90 per cent of loans were mis-sold," said FSB chairman John Walker.

The FSB said it was pleased its concerns had been listened to but said it was still concerned payments haven't been automatically suspended and that there is still not a "clear route" for a business to appeal a decision.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801533087-ADNFCR

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