MIS-SELLING OF INTEREST RATE SWAP PRODUCTS

Early day motion 336, tabled 5 July 2012 by David Ward (Liberal Democrat). Signed by 37 members.

That this House welcomes the Financial Services Authority's investigation into the alleged mis-selling of interest rate swap products by high street banks; expresses condemnation of such practices; notes the many accusations made by hon. Members' constituents against banks including making loans contingent on the purchase of interest rate swap products, failure to inform businesses about the associated risks, failure to properly explain high exit charges and attempts to silence people who seek compensation; further notes that many affected businesses are running out of time to claim compensation; and calls for the Government to ensure the investigation into this matter is thorough, that affected businesses receive adequate compensation and that banks found guilty of mis-selling are dealt with robustly.

Signatures by party: Labour 20, Liberal Democrat 8, Conservative 2, DUP 2, Social Democratic and Labour Party 2, Green 1, Plaid Cymru 1, Respect 1.