Jim McGovern pledges to help local businesses after mistreatment by the banks


27 February 2014

Dundee West MP Jim McGovern attended the Bully Banks campaign day in Westminster on Wednesday 26th February to show his support for local SMEs damaged by the misconduct of high street banks. 

Previously a number of Dundee businesses have approached Mr McGovern for support in their cases of mis-selling of financial products by major banks.

This has included writing to government ministers and senior figures in the relevant banks, as well as raising the matter in the House of Commons Chamber.

Jim McGovern said:

“I have been campaigning on this matter on behalf of a number of Dundee businesses for some time now.

"I am encouraged by the work of Bully Banks in maintaining pressure on the government.

“These products were sold by major banks to local businesses that did not need them.

"The consequences were not made clear to the businesses and the result has been financial hardship.

"This is a deeply unfair and unjust way to treat their customers.”

“There has been some progress made in seeing the victims supported and compensated.

"The government have finally recognised the unfair nature of these products and the dire consequences they have caused.

"There remains much more work to do and I will continue to press the government and the banks to do the right thing and compensate the victims.”

The purpose of the lobby day was to raise awareness for the ongoing problems with the interest rate swap mis-selling scandal and to encourage MPs to take action on behalf of businesses in their constituency.

Jim McGovern is supporting small businesses in Dundee West damaged by the misconduct of their banks in their campaign to obtain appropriate financial redress.

Mr McGovern is also supporting Bully-Banks in its campaign to change the culture of all the high street banks so that such conduct does not occur in the future. 

Bully-Banks is a campaign group of over 1,700 small businesses throughout the UK. 

It is currently campaigning on behalf of small businesses damaged by the mis-sale of Interest Rate Hedging Products, the mis-sale of fixed rate business loans, the mis-sale of Enterprise Finance Guarantees and the mis-sale of factoring services. 

click on the image below to visit the Bully-Banks website

 

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