A CAMPAIGN group has predicted around 4500 pubs, restaurants and hotels in the UK have been affected by mis-sold financial products.
Now the group, which represents small businesses, has demanded the authorities take a tougher stance on banks guilty of the transgression.
Bully-Banks are chasing reimbursements for companies affected by the mis-selling of interest-rate swap agreements (IRSAs) and are appealing to the Financial Conduct Authority to tackle the delays faced in getting money back from the banks.
Small businesses, like pubs and clubs, are entitled to compensation from banks in the form of a refund of IRSA money paid, plus interest. They are also entitled to an additional compensation for ‘consequential losses’ incurred.?
Banks are accused of delaying making refund payments to small businesses until consequential losses were agreed.