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Loan claims: Banks could face fixed-rate loan claims

Businesses may soon be able to claim on unregulated fixed-rate loans.

There had been situations where certain companies had incurred huge breakage costs that they were not expecting. This was because of interest charges that were hidden in the contract.

Business secretary Vince Cable told the Telegraph that he would be approaching the Financial Services Authority (FSA) about whether there is a case for businesses can claim against banks for this.

He believes that this problem could be similar to the interest rate swap mis-selling scandal.

Earlier this year, the FSA released the results of an investigation into the selling of interest rate hedging products to small businesses and found that major banks were failing to follow at least one regulation in around 90 per cent of cases.

As a result, banks have been setting up provisions to deal with claims on mis-sold interest rate swaps.

Banks have been under constant fire for the mis-selling of their products, particularly after it was discovered that people had been mis-sold payment protection insurance (PPI).

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801555568-ADNFCR

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