Cable Forum - View Single Post - Banks could have mis-sold more than 90pc of rate swaps, says FSA

nomadking · 02-02-2013, 21:40

These customers were quite happy to benefit, until circumstances changed which the banks didn't know about at the time. It's a bit like taking out a variable rate mortgage on the assumption that rates will stay the same or go down, but instead for unseen reasons they go up sharply. You took a gamble and lost, simple as that.

02-02-2013, 21:40	#7
nomadking cf.mega poster Join Date: Apr 2004 Location: Northampton Services: Virgin Media TV&BB 350Mb, V6 STB Posts: 8,139	Re: Banks could have mis-sold more than 90pc of rate swaps, says FSA These customers were quite happy to benefit, until circumstances changed which the banks didn't know about at the time. It's a bit like taking out a variable rate mortgage on the assumption that rates will stay the same or go down, but instead for unseen reasons they go up sharply. You took a gamble and lost, simple as that.