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Bully Banks fight back against fraudulent interest rate swap mis-selling - Jeremy Roe

702 views · Published 19 October 2014 · 28:20 · Indexed 31 October 2026

Channel: Public Enquiry · 2014 · News & Politics

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Bully Banks | Supporting Small Businesses Against the Banks
Our Objectives
To enable SMEs to obtain redress for the mis-conduct of their banks
To change the conduct of banks in their dealings with SMEs
The Beginning
Bully-Banks was created in December 2011 by a small group of business owners in the UK each of whom had been mis-sold an Interest Rate Hedging Products (“an IRHP”) by their bank.

Bully-Banks’ objective was to co-ordinate complaints by the owners of small and medium sized business in the UK against the conduct of their banks when selling IRHPs.

Bully-Banks Today
As of the end of August 2014 Bully-Banks is a not-for-profit campaign group representing over five thousand businesspeople across the UK. They are the owners of over 2000 small and medium sized businesses, each of which has been adversely affected by the misconduct of their bank.

Bully-Banks’ operating company is Ordinary People in Business Ltd which has no shareholders, being limited by guarantee. Its Board of Directors is made up of businesspeople who have been mis-sold financial products by their banks.

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Our Successes
Bully-Banks’ campaign has prompted:

Significant media focus upon the mis-sale of IRHPs to SMEs by their banks and building societies
The creation of the All Party Political Group on the Mis-sale of IRHPs which now has a membership of over 110 UK MPs
Three debates in the UK Parliament
The establishment of the FCA Review and Redress Scheme which has required to banks to pay redress of over £1 billion
The Treasury Select Committee’s SME Lending Inquiry to include fixed-interest business loans (“Hidden Swaps”)
Our continuing fight
The issues now being raised by Bully-Banks in Parliament, in the media and with the Regulators include the following:

The shortcomings of the FCA Review with particular regard to:
the exclusion of sophisticated customers
the failure of banks to accept Consequential Loss claims
unacceptable swap-for-a-swap decisions
insolvent customers
The mis-sale of Hidden Swaps
The mis-conduct of the banks in forcing businesses into Special Situation Management Groups and the mis-conduct of those groups
The revaluation of property held as security by the banks
The conduct of the banks in forcing businesses into administration and the conduct of the Insolvency Practitioners appointed by the banks
The possibility of criminal proceedings against banks or their employees
Bully-Banks is also forging links with business and trade organisations to raise awareness of the issues, as well as raising them on a pan-European basis.

http://www.bully-banks.co.uk/site/

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