PR consortium teams up to support Bully-Banks
A consortium of PR and digital marketing agencies have teamed up to support small businesses affected by the mis-selling of IRSAs - Interest Rate Swap Arrangements.
Andy Green: Green Communications
An estimated 300,000 small business are thought to have been encouraged by their banks to enter into an IRSA, with many subsequently reporting high monthly penalty charges and excessive break charges.
Last month, the Financial Services Authority said it would look into the possibility that interest rate swaps may have been mis-sold by banks including Barclays.
PR and digital marketing agencies Brand Conversions, Ellmore Consultancy and Green Communications are providing pro bono support for independent campaign group Bully-Banks.
They will be highlighting the economic issues facing small businesses such as the impact of IRSAs.
The banks are accused of failing to warn their clients of potential risks and exit costs for what are termed ‘non-vanilla’ complex financial products, mostly sold at the bank’s instigation – often as a condition of continued borrowing.
Andy Green of Green Communications said: ‘There is a need to secure justice for the small businesses mis-sold these "Frankenstein financial products".
‘This is also creating a hidden brake on the economy with a significant proportion of small businesses - who are supposed to be the engine of recovery – being held back by these odious penalty costs.’
This article was first published on prweek.com
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