The Telegraph is reporting that 24 MPs are requesting the FSA to force UK banks into suspending interest rate payments on retail swaps. (Telegraph) Here's the basics:
Banks must be forced to offer a moratorium on payments that thousands of small businesses are still being forced to make on interest rate swaps, according to a group of MPs investigating the scandal.
The Financial Services Authority and Treasury have been told they must push banks to offer an immediate freeze on all swap payments, according to a letter signed by 24 MPs.
“There are many businesses who are continuing to enter administration as a direct result of their obligations under their swap contracts,” wrote Guto Bebb, a Conservative MP and chairman of the All-Party Parliamentary Group on swap mis-selling.
FYI, "administration" in the UK is bankruptcy.