Pressure on banks after Barclays Libor scandal as FSA finds further failings

PLS Solicitors has called for small businesses affected by mis-sold specialist insurance from the UK’s banks to come forward.

Today (29th June 2012) the BBC has reported on further 'serious failings' within the UK's banks, with the Financial Services Authority (FSA) finding issues with the sale of interest rate insurance and other products. This, following the Barclays Libor scandal, has caused Hale-based PLS Solicitors to urge potential claimants to come forward.

It's thought that many small businesses throughout the UK could have been affected by the banks' mis-selling, and that banks could see compensation amounts sitting between £1.1bn and £1.4bn, although Barclays is likely to bear the brunt of this.

Adam Pavey, litigation partner at PLS Solicitors, said: “After the Barclays Libor fixing claims we would like to urge potential claimants to be aware of their rights – if you believe that you may have been affected by any of the FSA’s findings it could be well-worth getting in touch with us to find out how we can help.”

The FSA has found that instances in which businesses had been mis-sold interest rate swaps products occurred when they were not fully informed of how they could cancel the product and were not briefed over the potential risks the products came with. Also, a lot of banks apparently sold these products based on the personal rewards that were available, rather than on what would best benefit the business.

Many of the UK's major banks have released statements explaining that they are working to resolve the issue of mis-sold products with customers. If you believe that your business may have been affected by the issue of mis-sold interest rate products, contact PLS Solicitors directly.

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About PLS Solicitors:
Established in October 2008, PLS Solicitors has grown to become an established and respected commercial and residential property law firm, as well as providing dispute and employment law services. The 18-strong team at Hale-based PLS Solicitors specialises in commercial and residential conveyancing across Greater Manchester and Cheshire.

For further information contact:

Name: Aashim Dhand, Managing Partner
Telephone: 0161 941 7449
Email: [email protected]
Website: http://www.pls-solicitors.co.uk/