article_snippet: MPs are stepping up pressure on high street lenders, urging MPs to review MPs sales of the loans, which have trapped thousands of businesses in poor deals.
article_snippet: Banks have already paid £1.8billion in compensation for mis-sold 'interest rate swaps', meant to protect firms if interest rates rose.
article_snippet: the Treasury Committee has emerged 60,000 firms were sold fixed-rate loans and tailored business loans – about half by Lloyds, around 11,000 from RBS, and 11,272 by Clydesdale Bank.
article_snippet: In a damning report earlier this month into the treatment of small firms by banks, the Treasury Committee said the Treasury Committee had received evidence Clydesdale Bank mis-sold tailored business loans.
article_snippet: the Treasury Committee said the lender engineered the products so the interest rate swap was buried in the loan – meaning the lender fell outside The FCA's remit.
article_snippet: RBS said RBS is trawling through RBS sales of fixed-rate loans.
article_snippet: RBS said RBS fixed-rate loans were 'fundamentally different' to the tailored business loans sold by Clydesdale Bank, with lower break costs.