ANOTHER banking scandal as FSA orders refunds to firms mis-sold loan insurance - AAD Consumer Forum

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5corpio started a blog post ANOTHER banking scandal as FSA orders refunds to firms mis-sold loan insurance
29 June 2012, 08:13

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ANOTHER banking scandal as FSA orders refunds to firms mis-sold loan insurance

Some of Britain's major banks will have to refund or pay compensation to potentially thousands of small businesses after regulators found 'serious failings' in the way they sold loan protection products. In another blow that caps one of the worst ever periods for UK banks, the Financial Services Authority (FSA) confirmed today that Barclays, HSBC, Lloyds and Royal Bank of Scotland have agreed to compensate customers who were mis-sold interest rate swap arrangements (IRSAs) - complicated derivatives products sold alongside business loans to guard against rises in interest rates. Banks sold around 28,000 interest rate protection products to customers since 2001, the FSA added.

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