Early day motion tabled by primary sponsor David Ward (Liberal Democrat), on Thursday, 5 July 2012, in the House of Commons. It is signed by 37 members in total.

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MIS-SELLING OF INTEREST RATE SWAP PRODUCTS

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.

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Secondary information

Type

Early day motion

Reference

336 

Session

2012-13

Other sponsors

Sandra Osborne

Mark Durkan

Gary Streeter

Ian Swales

Jonathan Edwards

Subjects

Financial services Financial institutions

Link

View this Early day motion on www.parliament.uk