Banks could have mis-sold more than 90pc of rate swaps, says FSA

[mertle]

http://www.telegraph.co.uk/finance/r...-says-FSA.html

More than 90pc of the complex interest rate derivatives sold by banks to small businesses could have been mis-sold, according to the findings of a review by the Financial Services Authority.

The FSA said that its analysis of 173 sales of interest rate hedging products to SMEs by Britain’s four largest banks found that 90pc “did not comply with one or more of our regulatory requirement

Surely its about time to keep an eye on banks more regulary. Could we have regulator inside all banks who then can oversee that banks business is legit.

The worry here is the thing did not comply to regulatory requirements. So even if we have regulations the flaunt them anyway.

How can we stop them. How many have lost businesses or how many lost jobs due to businesses struggling to meet costs.

This is great article highlighting how bad it makes you angry.

http://www.telegraph.co.uk/finance/n...all-hotel.html

Mod comment - thread title amended to include "could have", as in the article.

[Mick Fisher]

Originally Posted by heero_yuy

Banks are just parasitic ****. They produce nothing but look to fleece everybody they deal with out of the maximum amount of money they can.

It's about time the criminals that are in them are whipped naked around the streets of the city for their sins instead of being given fat bonuses.



I feel strangely better now.

[Osem]

Best get our* money out of RBS and BOS before we go down that route eh? lol

* taxpayers' that is

[Sirius]

Originally Posted by Mick Fisher

May i join you



Banks are just out to rip you off. I never trust banks any more.

[mertle]

agreed banks are **** well those who do these things.

I had them trying push me to one those new accounts where you get charged for insurance etc. Read some not the deal people think they are somewhere and do your homework on what they offer.

I am sure there sinister reason why they want people to move to these accounts.

[nomadking]

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.

[mertle]

Originally Posted by nomadking

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.

In some ways I agree people see £££ think I will have some of that. Always saying if its too good to be true it usually is an its a scam.

Infact they no doubt sucked small businesses in as they struggling during these times. Businesses are desperate probably jumped in thinking they would save money.

However the banks just guilty hard selling and even misleading. In some cases at times shockingly blantant fabricating returns/benefits.

At times you either need to be lawyer or an accountant to find the catch.

In this incidence who to blame suppose they thought it being like the utilities deal where you can lock your tarrif. Which I even think this is scam from utilities. Lock enough in then suddenly drop it will leave millions in high tarrifs.

Sure this was banks idea from the off was easily able to achieve quite quickly.