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06 February 2013

FSB unveils the legal process to help members get redress for mis-sold swaps

Reference number: PR/2013/07

FSB News Release
PR 2013 07

Issue date: Wednesday 6 February 2013
 
FSB unveils legal process to help members get redress for mis-sold swaps
 
Following the publication of the Financial Services Authority''s (FSA) pilot study showing that around 90 per cent of firms had been mis-sold complex financial products, the Federation of Small Businesses (FSB) has put a process in place which aims to deliver help and advice to those firms affected.
 
The FSB is working with three companies to provide professional guidance and support through the process of accessing redress for its members. However the FSB will not be responsible for the legal process, the financial outcome, nor will it be directly involved in the litigation.
 
The FSB wants to secure a speedy solution for its members that have been affected. The FSB is keen to give support and advice to help thousands of small firms to navigate the FSA Scheme.
 
Launching the process at the FSB''s Chairman''s Dinner, National Chairman, John Walker, said:
 
"We felt that it was important for the businesses that have been affected to be able to take appropriate and professional advice, to ensure they get the redress they deserve. They now have a choice of support to help them through this process."
 
ENDS