Colin Jones
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Bank scandal redress criticised by Llandudno businessman

MPs will debate whether the scheme to help business people mis-sold complex financial products by banks is working following concerns it is failing those who have lost the most.

Banks accept many small and medium sized firms were wrongly sold interest rate swaps on top of business loans.

They reached a voluntary scheme with the regulator, the Financial Conduct Authority (FCA), to repay billions of pounds to those who lost money from the mis-selling scandal.

Among those affected was Colin Jones, who ran a bed and breakfast in Llandudno and owned a number of properties.

"The redress scheme has gone on too long," he said. "It is solely and wholly a whitewash."

According to the FCA, around 10,000 customers have accepted a redress offer and £1.5bn is being paid out.

  • 04 Dec 2014
  • From the section Wales
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