CBI responds to FSA report on interest rate swap mis-selling

4-2-2013 — /europawire.eu/ — The CBI commented on a Financial Services Authority (FSA) report on interest rate swap mis-selling.

Matthew Fell, CBI Director for Competitive Markets, said:

“The mis-selling of interest rate products was unacceptable.

“Any small business that has been mis-sold insurance products should be swiftly and fully restored to the position they would have been in without the mis-sale.

“In resolving the situation, regulators should learn from PPI which has been a protracted affair for both consumers and banks, serving neither party well.

“Giving businesses prompt and proper redress will enable banks to then focus on lending to the real economy.”

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