Bank under fire from Lord Sugar for alleged interest rate swap mis selling
Lord Sugar has made a complaint to Lloyds Banking Group, alleging the lender mis sold him a hedging product on a loan.
While Lord Sugar and his spokesman refused to comment, one source has said The Apprentice boss is seeking the return of approximately £10million after paying the break fees to cancel the interest rate derivative.
It is also understood that Lord Sugar is considering taking legal action should the lending giant reject his complaint.
Simon Cottrell is the Senior Partner at Goldsmith Williams Solicitors:
“This just demonstrates the sheer magnitude of the interest rate swaps mis selling scandal. For such a prominent and successful businessman to have potentially fallen victim really does highlight the complexity of these products.
“Lord Sugar is incredibly fortunate in some respect however. Unlike the major of businesses, he had the financial capability to pay the hedges break costs. For many of our clients this was simply not possible, leaving them with no other option but to continue to make these crippling repayments.”
Content correct at time of publication