Banks Settle with FSA for Mis-Sold Interest Rate Hedges
June 29, 2012
A review by the FSA of the sale of interest rate hedging products to small and medium sized businesses in the UK has revealed serious failings by Barclays, HSBC, Lloyds and RBS. The banks have agreed to provide redress for customers who purchased the most complex products, and have agreed to cease selling interest rate structured collars to retail customers.