Burnham-On-Sea’s MP has given her backing to local small and medium-sized businesses damaged by the ‘appalling misconduct’ of high street banks.
Tessa Munt has this week attended an event organised by ‘Bully Banks’, a campaign group of nearly 2,000 small businesses across the UK, who have been damaged by the mis-sale of products such as interest rate hedging products (also known as Interest Rate Swap Agreements) and fixed rate business loans.
Tessa told Burnham-On-Sea.com: “It’s absolutely outrageous that thousands of businesses are still suffering because the bankers failed to act honourably.”
“I have written to the Chancellor suggesting he demands that every bank delivers full and fair redress to the thousands of small businesses which have been damaged by their own bank’s inappropriate conduct.”
“The mis-treatment of thousands of business by the banks has been disgraceful. I will continue to do everything in my power to ensure justice is served and that businesses receive fair levels of redress.”
“It’s hardly surprising that those who have fallen prey to the banks are reluctant to come forward publicly, as on the face of it, it may look as though the banks hold all the power.”
“However, I am pursuing a number of cases individually as they are some of the worst examples of bank mis-selling, and I am taking my specific concerns to the Financial Conduct Authority.”
“If your readers have been affected by these scandalous practices, then I will of course take up the case with a guarantee of complete anonymity.”
Jeremy Roe, Chair of Bully Banks, said: “Tessa’s support for the Bully Banks’ campaign has been invaluable in securing redress for thousands of small and medium-sized businesses across the UK, each of which has been the victim of mis-selling at the hands of our high street banks.”
