Sir Gerald has been fighting for local yacht chandlers Pacer Marine, one of the small businesses sold an interest rate swap by their high street bank.
Sir Gerald actively supported those small businesses in Aldershot which believe they have been damaged by bank misconduct by meeting Bully-Banks, a campaign set up to expose mistreatment of small and medium sized enterprises (SMEs) by the major banks, in the House of Commons. Sir Gerald, himself a former international banker, said:
“I was delighted to meet Bully-Banks. They are doing an excellent job in highlighting and campaigning to tackle bullying by banks on SMEs. SMEs are the backbone of this nation’s economy, and with organisations like Bully Banks sticking up for SME’s and their interests, that can only lead to a stronger business sector in this nation’s economy. I truly commend this campaign.”
Bully-Banks is a campaign group of over 1,700 small businesses throughout the UK. It is currently campaigning on behalf of small businesses damaged by the mis-sale of Interest Rate Hedging Products, the mis-sale of fixed rate business loans, the mis-sale of Enterprise Finance Guarantees and the mis-sale of factoring services.
Please find further information on the campaign here: http://bully-banks.co.uk/site/