MPs across all political parties are claiming a number of banks are misselling loans to small enterprises in a scandal that has been described as the next version of payment protection insurance (PPI).Interest rate swap agreements (ISRAs) that were added on to business loans are thought to have cost struggling firms billions in additional bank charges.Politicians from across the board said RBS, HSBC, Barclays and Lloyds had missold IRSAs to a large number of companies, with Labour MP for Ayrshire Sandra Osborne telling The Herald that lenders had not adhered to rules of ensuring products sold to people are "appropriate, in the customer's best interest and fully understood".Conservative MP for Daventry Chris Heaton-Harris was quoted by the Daily Mail as describing this issue as a "scam" that was conducted "on a ginormous scale"."It needs firm action of the quickest order," he added.A constituent of Tory politician Caroline Noakes said they would have been better with the loan charges incurred through a Wonga loan than taking part in an ISRA.Conservative MP Mike Freer, who is a former senior banker at Barclays, said one case of an ISRA had left him "shocked and appalled", the Telegraph reports.John Fieldman Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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