MP slams City watchdog over interest swaps

clydesdale bank. CYBG, tailored business loans, TBLs

A prominent MP has blasted the head of the Financial Conduct Authority (FCA), Andrew Bailey, over the watchdog’s response to alleged mis-selling by Clydesdale Bank.

Conservative MP Kevin Hollinrake, head of the all party parliamentary group on fair business banking, said the FCA had failed to “press the case for justice and compensation” for thousands of companies, the Sunday Times reported yesterday.

Clydesdale is accused of misselling loans containing complex interest rate swaps to thousands of business customers between 2001 and 2012.
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