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MPs to discuss mis-sold interest rate swap claims

A cross-party group of MPs will meet on Tuesday to discuss accusations that banks mis-sold financial products known as interest rate swaps.

They were sold to small businesses when they took out loans to protect them from fluctuating interest rates.

Since the products were sold, interest rates have fallen to historic lows and thousands of small businesses are now sitting on thousands of pounds worth of losses as a result.

They say they were pressured into taking out the products and were not told about the risks.

BBC Radio 5 live Wake Up To Money found out more from James Ducker, an interest rate adviser at Benchmark Treasury Pricing and a former salesman of these products at Lloyds and HBOS.

To listen to other Radio 5 live interviews, please visit the Best Bits page.

  • 24 Apr 2012
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