Barclays, RBS Will Compensate Clients Mis-Sold Derivatives
by The Compliance Exchange on June 29, 2012
Barclays Plc (BARC), Royal Bank of Scotland Group Plc and Britain’s two other biggest banks will compensate small and medium-sized businesses improperly sold interest-rate derivatives following a probe by the U.K. financial regulator.
The four lenders, including Lloyds Banking Group Plc (LLOY) and HSBC Holdings Plc (HSBA), will also stop selling interest rate collars to retail customers as part of a settlement with the Financial Services Authority, the regulator said in a statement today. While the FSA found “serious failings” by the banks dating back to 2001, it stopped short of fining the firms.
Read the full story at Bloomberg.
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