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Corporate Mis-selling

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23 November 2011

Corporate Mis-selling

I couldn't avoid mentioning the BBC feature on banks mis-selling to corporate clients...  having been victim to this myself when CEO of our family business Savekers Ltd. Back in 2006, our Board were pretty much forced into an interest rate hedging product without any explanation - and certainly nothing to tell us what may happen on termination which became an issue as the company went into administration in 2009. I held a personal guarantee along with my cousin and we had to fight for two years to have the PG discharged as the bank chose to pursue us incorrectly for a sickening amount of money. During this time my family and I had the threat of bankruptcy hanging over us and numerous sleepless nights. This was after doing all possible to protect the position of the company's creditors and limit any impact as our 106 year old business closed -  as a result of the economic situation which was itself brought on by the widely reported mismanagement and irresponsible behavior of the banking sector. It may be something that we no longer have hanging over us but it left a terrible taste, especially when the letter that came to say the bank would have no further claim against me under the guarantee didn't even acknowledge or apologise for the way in which they treated us.