Property buyers who maintain that they were mis-sold Swiss Franc mortgages by the Alpha Bank in Cyprus staged a protest outside the London offices of the bank in Cannon Street last week, according to Cyprus Property News.
Swiss Franc loans were sold to tens of thousands of Britons by Cypriot banks and their agents, including IFAs, in 2007 and 2008, during the peak of the island’s property boom.
A group of MPs have now met to discuss the plights of investors, some of whom are at risk of losing their homes.
Bill Cash, Conservative Member of Parliament for Stone, is heading up the All Party Parliamentary Group for the Defence of the Interests of British Property Owners in Cyprus.
He has written to investors embroiled in the case to urge them to get their MP to join the group.
In the letter, seen by IFAonline, Cash states: “I strongly recommend that you or other people you may know who are involved in trying to obtain justice and fairness in relation to their properties in Cyprus to contact their MP and urge them strongly to get in touch with me.
“This will mean that your MP can then join with me to form the All Party Parliamentary Group for the Defence of the Interests of British Property Owners in Cyprus. It will allow us to set up a fully effective All Party Group to act as a parliamentary coordination for the defence of your interests.”
A spokesperson for Regulatory Legal, which acts on behalf of 700 investors with Alpha Bank investments, said: “We are very pleased to see MPs looking into the plight of our clients.”
