...To PPi victims, MP Warns

Small firms are at the centre of a potential mis-selling scandal which could equal the £9bn payout to victims of the payment protection insurance debacle, a senior MP warned yesterday. Lord Thurso, the Lib Dem MP who sits on the Treasury Select Committee, raised his fears about the growing controversy surrounding complex loans sold by Britain’s banking giants. At a committee hearing yesterday, he estimated the loans, which were linked to interest rate swaps, could cost firms up to £100bn and £120bn in deals that he slammed as ‘nearly immoral’. Lord Thurso read out the details of an astonishing internal email sent by ‘one of the big four banks’ about the impact of the loan on one of its customers. He said: ‘The manager said, “How do you think the client feels to have his arms and legs ripped off?” ‘Now that, to me, is a despicable culture which is doing immense damage to United Kingdom commerce.’ ...Read more here: Small firms are at the centre of a potential mis-selling scandal 'which could equal the payout to PPI victims', MP warns