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Bank claim: MP calls for clear rules on swap rate compensation

MP Guto Bebb has asked that a clear structure be set out for compensation payments for mis-sold interest swap rates.

Mr Bebb criticised the fact the Financial Services Authority (FSA) excludes businesses whose live swap rate exceeds £10 million, even though its own rules would usually class these businesses as unsophisticated. He also said that proving mis-sold interest swap rates should not be the responsibility of small businesses.

Interest swap rates can be sold as part of a business loan to ensure that companies will not suffer increased interest from the banks.

A report from the FSA revealed that banks had been mis-selling interest swap rates to small businesses. In its pilot study of 173 cases, more than 90 per cent surveyed found that banks had not followed at least one regulatory requirement.

Barclays bank has already set aside at least £400 million in provisions for claims on mis-sold interest swap rates.

Up to 100,000 businesses could have been mis-sold interest swap rates.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801537190-ADNFCR

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