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 SMEs overcharged again?

The Times reports that SMEs who were mis-sold interest rate products could have been hit a second time by banks overcharging them for products given in compensation. Analysis of so-called interest-rate caps handed to SMEs by Barclays, HSBC and RBS found that victims were charged more than ten times the real cost of the products in some cases. One replacement cap awarded to a Barclays customer and priced at £29,693 was calculated to have had a fair market value of £1,825, according to a derivatives expert report Harris & Co accountants Northampton, the specialist small business accountants..

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