News: 6th February 2013

The Federation of Small Businesses (FSB) has launched a new legal process that will provide members with advice on how to be compensated for being mis-sold complex financial products.

A study from the Financial Services Authority, published last week, revealed that around 90 per cent of firms are thought to have been affected.

And because of this, the FSB will be working with three professional guidance and support organisations to help provide redress for small businesses caught up in the problem.

Speaking about the process, FSB's National Chairman, John Walker, said: "We felt that it was important for the businesses that have been affected to be able to take appropriate and professional advice, to ensure they get the redress they deserve.

"They now have a choice of support to help them through this process."

It comes after Barclays announced that it will be setting aside another £1 billion to help with this mis-selling problem and another relating to payment protection insurance.

Posted by Emily Smith