Commerce Commission still working on probe of sale of interest rate swaps

Wed, 27 Feb 2013

Feb. 28 (BusinessDesk) – The Commerce Commission says it is still working on its investigation into whether interest rate swaps were misleadingly marketed after claims from farmers that they got locked into confusing contracts with excessive break fees. The commission began its probe in August last year and has received 42 complaints since concerns over the way the financial derivatives were sold first aired in the media, chairman Mark Berry told Parliament’s primary production select committee. The swaps allow clients to manage the interest...

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