What was not explained to Lee regarding the interest rates?
Banks Mis-sold Interest Rate Protection
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Business, Social Studies
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Hard
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Lee, who runs a kennels near Preston, sought financial advice from HSBC to protect against rising interest rates on her loan. She took out a financial product called a swap. However, she was not informed that if interest rates decreased, she would owe the bank money. As a result, she has paid the bank £17,000.
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How much has Lee paid to the bank so far?
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