Small firms are calling on banks to act rapidly to compensate thousands of small businesses that were mis-sold complex financial products designed to protect them from interest rate rises.
The call has come from the Federation of Small Businesses, following a report from the Financial Services Authority that says 90 per cent of the products were mis-sold.
Sheffield businessman and FSB regional chairman, Gordon Millward, says the Federation is concerned that payments into the schemes haven’t been automatically suspended and that there isn’t a clear process for firms to appeal if they believe they have been victims of mis-selling.
“Now the pressure is on the banks to contact customers. They must do so quickly and decisively to draw a line under this matter and bring the situation to a close,” said Mr Millward.