Mark welcomes news that the Financial Services Authority (FSA) has ordered banks to compensate small businesses which lost out by being mis-sold interest rate swaps.
Earlier today, the financial regulator concluded that banks miss-sold specialist insurance, known as interest rate swaps, to thousands of small businesses. It said it had found "serious failings" in the sale of the products, designed to protect firms taking out loans against rising interest rates.
The FSA said it had reached agreement with Barclays, HSBC, Lloyds and RBS over providing "redress". It had not confirmed how much money would be necessary to compensate the businesses involved.
Mark, who spoke in a debate against the mis-selling scandal last week, said:
"This is a good example of the FSA working effectively and quickly. This is the right result and will come as good news for many businesses. However, for many businesses this news will be too late as this scandal has already wreaked havoc amongst SMEs. We must now hasten towards a swift resolution so that businesses affected can get their financial matters in hand as soon as possible"
Around 28,000 interest rate protection products were sold to thousands of small businesses, starting in 2001.
The businesses affected should now be contacted by their bank to instruct them whether they are included in a review of these sales. Those which were found to have been the victims of mis-selling will eventually be offered compensation.