SME Anguish
Posted: November 19th, 2016, 10:53 am
From Bully Banks:
"It is therefore clear to me and no doubt many others that the FCA Review and Redress Scheme is not fit for purpose and is allowing the continuing, systematic abuse of SMEs by the banks.
It is simply not conceivable that an SME suffers no financial loss by being mis-sold a carcinogenic, contractually crippling, entirely unsuitable financial product by its bank, and is then forced to become embroiled in a stressful, complicated, protracted, unbalanced, unfair, non transparent, time-consuming review process overseen by the perpetrator organisation itself to try and achieve justice and proper recompense."
From Ian Fraser:
"Under Fred Goodwin, RBS was the UK’s biggest peddler of these derivatives, which Barclays chairman Sir David Walker believes should never have been sold to small businesses.
In a mis-selling spree that peaked in 2005 to 2008, ex-insiders suggest the bank deliberately targeted SME borrowers who were in a ‘vulnerable’ position – perhaps they were refinancing or extending their borrowings at the time – and who also had property assets worth a multiple of their total borrowings.
The bank used a set methodology to cajole selected commercial customers into buying the swaps, also known as interest rate hedging products (IRHPs), which, in more than 90 per cent of cases, were neither requested nor desired by the customers. The sequence went roughly as follows: "
http://www.ianfraser.org/how-banks-dupe ... ate-swaps/
http://www.ianfraser.org/fantastic-amaz ... ss-scheme/
"It is therefore clear to me and no doubt many others that the FCA Review and Redress Scheme is not fit for purpose and is allowing the continuing, systematic abuse of SMEs by the banks.
It is simply not conceivable that an SME suffers no financial loss by being mis-sold a carcinogenic, contractually crippling, entirely unsuitable financial product by its bank, and is then forced to become embroiled in a stressful, complicated, protracted, unbalanced, unfair, non transparent, time-consuming review process overseen by the perpetrator organisation itself to try and achieve justice and proper recompense."
From Ian Fraser:
"Under Fred Goodwin, RBS was the UK’s biggest peddler of these derivatives, which Barclays chairman Sir David Walker believes should never have been sold to small businesses.
In a mis-selling spree that peaked in 2005 to 2008, ex-insiders suggest the bank deliberately targeted SME borrowers who were in a ‘vulnerable’ position – perhaps they were refinancing or extending their borrowings at the time – and who also had property assets worth a multiple of their total borrowings.
The bank used a set methodology to cajole selected commercial customers into buying the swaps, also known as interest rate hedging products (IRHPs), which, in more than 90 per cent of cases, were neither requested nor desired by the customers. The sequence went roughly as follows: "
http://www.ianfraser.org/how-banks-dupe ... ate-swaps/
http://www.ianfraser.org/fantastic-amaz ... ss-scheme/