The Securities Litigation Expert Blog

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.