Perils of misselling banking products to the SMEs

THE accountability of bankers is being put to the test as the four large banks in Britain prepare to pay hefty fines for the misselling of products to small businesses.

One can no longer escape by claiming that as the buyer had signed on the dotted line, the buyer was, therefore, entirely liable for the losses. The little guy can now turn around and have recourse to complain that he had been missold a certain banking product without proper understanding, causing him severe financial difficulties in the process.