“RBS ACCUSED OF MISLEADING MPs” - CITY AM
Watch Jeremy Roe's video response here.
Bully-Banks Lobbies Members Of Parliament To Take Action Against Bank Misconduct Towards Small Businesses
The campaign group Bully-Banks led a successful mass lobbying day in Parliament on Wednesday 26th February. The purpose of the lobby day was to raise awareness for the ongoing problems of small and medium sized businesses damaged by the misconduct of their banks and to encourage MPs to take action on behalf of businesses in their constituency.
A significant number of MPs from across the political parties attended the event, meeting with their constituents to discuss their individual cases and the wider campaign. Over 300 Bully-Banks’ members attended the event in order to bring the ongoing issues arising from banking misconduct to their MPs attention.
UK Businesses Slam Financial Conduct Authority Redress Scheme in Westminster Conference
Hundreds of SMEs mis-sold Interest Rate Hedging Products (IRHPs) gathered for the Bully-Banks’ Conference in Westminster yesterday (3rd July).
The Conference topic was the performance of the Redress Scheme implemented by the banks under the direction of the Financial Conduct Authority (“the FCA”).
The Scheme was established by the FCA to “put businesses back into the position they were in before they were sold an IRHP”.
Every SME who spoke recorded the substantial failure of the scheme to deliver fair redress.
FCA chief warned Treasury in May 2013 that more than 60,000 “Hidden Swaps” had been sold to SMEs
In May 2013 the Financial Conduct Authority (FCA) advised the Treasury that more than 60,000 fixed interest business loans with “mark-to-market” break costs (“Hidden Swaps”) had been sold to SMEs since 2001. This is in addition to the 40,000 Interest Rate Hedging Products (“IRHPs”) the sale of which is already under review in the FCA Redress Scheme agreed with the major banks.
The FCA Redress Scheme – Interest Rate Hedging Products
Yesterday the FCA published its latest monthly report on the implementation of the FCA Redress Scheme for those SMEs mis-sold Interest Rate Hedging Products (‘IRHPs”).
Bully-Banks, the campaign group for SMEs damaged by the mis-conduct of their banks, has surveyed its membership on the implementation of the Redress Scheme. The results of the Bully-Banks’ Survey make a sobering contrast to the statements from the FCA that the Redress Scheme is delivering acceptable redress to SMEs.
The FCA Redress Scheme for those mis-sold IRSAs is failing large numbers of SMEs claims Bully-Banks, the campaign group for SMEs damaged by the mis-conduct of our high street banks.
The FCA today issued the fourth of its monthly reports on the implementation of the FCA Redress Scheme for the mis-sale of Interest Rate Swap Agreements (“IRSAs”).
It is now seventeen months since the FCA agreed with the banks that a Redress Scheme would be implemented.