Financial Misconduct Debate

 At the height of the economic crash a decade ago many local businesses found their bank far from supporting them, looked to exploit the situation instead.

Part of this involved selling complex financial products known as hedge agreements which resulted in a business paying a hefty fee to (In theory) avoid interest rate rises, even though falls were expected. Given the market conditions at the time there was no realistic chance of refinancing or seeking another provide. The cost of this to one local business has been estimated at approximately £850,000.

Last week the House of Commons debated how even after a decade many have not been properly compensated for the misconduct of banks at the time. I spoke in the debate and you can read my contribution by clicking here.