Mistreatment of local businesses by banks disgraceful, says North Devon MP
Nick Harvey, MP for North Devon, has given his support to local businesses damaged by the misconduct of high street banks.
At a Parliamentary reception last week, the local MP met with Bill Wilson, owner of Wilson Leisure Developments Ltd – the company that runs Mullacott Park’s holiday lodges.
Mr Wilson joined 1,700 other small business owners as part of the Bully Banks group after the bank sold him an inappropriate financial service known as an ‘Interest Rate Hedging Product’ – and then refused to accept responsibility for the damage done to Mr Wilson’s company through their misconduct.
The Bully Banks campaign aims to raise awareness of ongoing mis-selling of financial products by banks, and asks for fair compensation for all businesses who have fallen victim to this practice.
Nick Harvey said: “The mis-treatment of Mullacott Park by the bank has been disgraceful and I can understand the deep frustration that Bill and other Bully Banks campaigners feel. Small businesses are an incredibly important part of the North Devon economy and it’s deeply troubling to know that companies like Wilson Leisure Developments have been pushed around and damaged by the deliberate actions of big banks.
“Steady progress is being made thanks to Bully Banks’ tireless campaigning, but I will be writing to the Chancellor to emphasise my concerns that banks must deliver full redress to small businesses damaged by such misconduct.”
Bill Wilson said: “It is an absolute disgrace to discover that I have been misled and mis-sold to by my bank, who I have been with for over 35 years. The deceit and lack of action to give me remedy and redress is outrageous. Although this situation has been highlighted on a recent Panorama programme, and on Radio 4, the public are not fully aware of actually what is going on here. RBS has targeted specific groups of businesses in order to try to put them out of business, to get their loans paid back early.
“Without the help of Sir Nick I would have been in a worse situation. He has been extremely supportive and sympathetic to the situation and he is actively working behind the scenes in Parliament to ensure RBS is bought to task.”
(from a press release)