GPs get fresh warning over “rife” mis-selling of financial productsBMJ 2019; 365 doi: https://doi.org/10.1136/bmj.l2090 (Published 07 May 2019) Cite this as: BMJ 2019;365:l2090
- Gareth Iacobucci
- The BMJ
General practices that have taken out fixed rate loans for their premises are at risk of “significant” financial losses and should scrutinise the terms of their deals, as they could have been victims of mis-selling, lawyers have warned.
The warning was issued amid concerns that the mis-selling of complex interest rate hedging products, or “swaps,” remained “rife” until at least 2016 and that many practices may have purchased products without their knowledge.
Lawyers said that mis-selling had continued in spite of a Financial Conduct Authority ruling in 2013 that there were “serious failings” in the way the products had been sold.
The products were sold with bank loans to small businesses, including many general practices, from 2001 onwards as a way to mitigate fluctuations in interest rates. In 2017 The BMJ …