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

Notes to editors

The FSB is the UK's leading business organisation with around 200,000 members. It exists to protect and promote the interests of the UK’s Real-Life Entrepreneurs who run their own business. More information is available at www.fsb.org.uk

2.    The law firms that FSB members will be able to choose from are:

·         Slater & Gordon

·         Mayo Wynne Baxter Solicitors

·         Mr Brian Hurst, 39 Park Square Chambers

3.    Visit the FSB website for details of the scheme www.fsb.org.uk/swaps

4.    The FSA found in June 2012 that mis-selling had taken place. It estimates that around 40,000 products had been sold. The findings from its pilot study showed that 90 per cent of claims were upheld to say mis-selling did take place. Read the FSB’s response to the FSA pilot scheme report.

FSB media contacts

Liesl Smith: 020 7592 8128 / 07917 628926 liesl.smith@fsb.org.uk
Sara Crane: 020 7592 8113 / 07595 067068 sara.crane@fsb.org.uk
Prue Watson: 020 7592 8121 / 07825 125 695 prue.watson@fsb.org.uk 

ISDN is available for media interviews.

For regional FSB contacts please go to www.fsb.org.uk/regions