FSA review: Banks mis-sold 90% of swaps to small businesses

Jenna Towler

The Financial Services Authority (FSA) has confirmed that Barclays, HSBC, Lloyds and RBS will start the full review of their sales of interest rate hedging products (IRHPs) to small businesses after a series of failings were uncovered. 

The watchdog said the announcement means that these banks have agreed to work on reviewing individual sales and providing redress to customers based on principles outlined in today’s FSA report, and overseen...

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