MP David Ruffley has joined a cross party group to investigate the mis-selling of interest rate hedging products by UK banks to small to medium sized enterprises SMEs.
The Bury St Edmunds and Stowmarket MP said: “Several Suffolk constituents have contacted me to ask for help.
“I hope that an investigation will prevent further incidences mis-selling and stop damage being caused to small businesses.
“The group will also shed light in what small businesses should do if they have a claim to ensure that the owners get the justice that they deserve.”
Chairman MP Guto Bebb said: “While the FSA (Finacial Services Authority) has recognised the scandalous way SMEs have been treated by the banks, there are geniuine concerns from thousands of business owners that the redress scheme fails the independenced test, and quite frankly, is moving too slowly to save some business owners from the financial ruin caused by swaps.”