Mark Garnier MP speaks up about next big bank scandal
Today, Mark Garnier spoke in a debate condemning the miss-selling of interest swaps. He argued that the sophisticated products are being sold by inadequately trained staff to customers without the necessary expertise to understand what is being sold to them.
Mark called on the banks to "do the decent thing" and rescue the unfair losses to customers before lawyers get involved. He also urged the FSA to act quickly to sort out the problem.
Speaking after the debate in the House of Commons, Mark said:
"From what I have heard, this is a clear case of the banks doing the wrong thing for their customers. We have moved a long way from the traditional image of the local bank manager being your trusted advisor. The current situation, where product sales are the paramount measure of success, is one that appears to go against the best interests of ordinary bank customers.
"Today we heard that the FSA is investigating which is good news. We in Parliament are pushing for a swift resolution to avoid any further distress to businesses and to help those businesses that have seen a significant financial loss at the hands of the banks."