The Treasury is under pressure to conduct a full inquiry into a potential mis-selling scandal, which has seen hundreds of small businesses, including a fish and chip shop, buying complex and costly financial derivatives.
A leading peer said he would table Parliamentary questions on Monday to ascertain the scale of the alleged mis-selling, while it has emerged that the Treasury itself has already started an information gathering exercise.
The scandal was revealed by a Sunday Telegraph investigation, which found that all of the UK's major banks, including Barclays, HSBC and taxpayer-backed Lloyds Banking Group and Royal Bank of Scotland have sold highly complex interest rate derivatives to small businesses, including a fish and chip shop, care homes, garden centres, farms and hotels. Many of these business owners say they did not understand the instruments, which were sold alongside loans and were meant to protect them from....Read more here--: Call for inquiry into bank mis-selling scandal - Telegraph