PRESS RELEASE

Assembly Member for Aberconwy, Janet Finch-Saunders, has called on the First Minister, Carwyn Jones AM, to stand up for small businesses that were mis-sold Interest Rate Hedging Products.

The AM said: “My MP, and colleague, Guto Bebb has long campaigned for justice on behalf of those small and medium sized businesses that were mis-sold Interest Rate Hedging Problems . This has led to many facing steep interest rates or a cost of 20-40% of the initial loan agreement as an exit fee.

“The campaign group Bully Banks have estimated that this has cost small businesses around 400,000 jobs and £1.7bn in lost revenue to the Treasury.

“I have called on the First Minister to support the campaign and take a stand against bad financial practice in Wales”.

ENDS