Prominent MP slams City watchdog over lack of action on allegations of interest swap mis-selling

Clydesdale bank sign

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 reports.

Clydesdale is accused of mis-selling loans containing complex interest swaps to thousands of business customers between 2001 and 2012.

The loans became much more expensive when interest rates fell after 2008.

The FCA has so far failed to launch an investigation into Clydesdale in relation to mis-selling.

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