Good news for interest rate swaps victims

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Barclays hopes to make offers to distressed businesses mis-sold interest rate swap products before the end of March, according to Tory MP Guto Bebb.

Chairman of the All Party Group on Interest Rate Mis-selling Bebb met with the bank today and said they had been in touch with about a quarter of those worst affected.

“Barclays are very hopeful about this. If it does go ahead, it’s definitely a way forward and will put pressure on other banks. I think Barclays are indeed moving faster than other banks,” he said.

HMRC’s treatment of interest rate swap affected businesses was described by Bebb as “disappointing” last November, something he says has transformed dramatically.

“After meeting with them in November and December, they have been very good and I would give them nine out of 10 for service,” Bebb said.

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Rachael Power
Community Correspondent
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