Fighting mis-sold loans to region’s small businesses

Borders MP Michael Moore is backing the fight for small businesses who have been mis-sold loans by their bank.

The financial ombudsman recently revealed that several big banks had misrepresented loan rates which had a severe impact on businesses in the UK.

Business Secretary Vince Cable has been in contact with relevant authorities to urge them to address the problems quickly.

Mr Moore said: “Here in the Borders, companies are already experiencing extremely challenging economic conditions and it is terrible to think that on top of this, the banks have mis-sold loans to companies and piled even greater financial pressure on them.

“If any company in the Borders has been affected by this mis-selling I want to urge them to contact the FSA on 0845 606 1234.”

Mr Cable has sought assurances that banks will not close businesses experiencing financial difficulties as long as their case with them.

“We need justice for firms that have been ripped off by the banks,” he said.