Banks Facing Huge Bills Over Mis-Selling Scandal

The video discusses the impact of bank practices on individuals and small businesses, focusing on the mis-selling of financial products like swaps. It highlights the lack of transparency and the resulting financial losses faced by clients. The FSA's findings reveal widespread misconduct, prompting banks to set aside funds for compensation. The video emphasizes the need for banks to act in the interest of their clients and the ongoing efforts to provide redress to affected businesses.

What financial product caused Evelyn to postpone her retirement?

• A personal loan

• A credit card

• A swap

• A mortgage

What percentage of financial products tested by the FSA were found to be mis-sold?

• 50%

• 70%

• 90%

• 100%

How much money have banks set aside to address the mis-selling issue?

• £500 million

• £700 million

• £18 billion

• £1 billion

What is the estimated average claim amount for the affected businesses?

• £250,000

• £100,000

• £500,000

• £1,000,000

What is the main concern for swap customers like Ivan Norman?

• Inability to cancel the product

• High interest rates

• Increased bank charges

• Lack of compensation