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Britain's biggest banks could be facing a bill running into billions of pounds for the latest mis-selling scandal to hit the industry.
The city regulator, the Financial Services Authority, has been investigating interest rate swaps, a complex financial product which was supposed to protect businesses against rising interest rates.
Instead, they left many customers in dire financial straits with heavy debts.
The FSA has revealed that more than 90% of interest rate swaps were possibly mis-sold to small businesses.
Sparkie
Full story
http://uk.finance.yahoo.com/news/fsa...083016499.html
The city regulator, the Financial Services Authority, has been investigating interest rate swaps, a complex financial product which was supposed to protect businesses against rising interest rates.
Instead, they left many customers in dire financial straits with heavy debts.
The FSA has revealed that more than 90% of interest rate swaps were possibly mis-sold to small businesses.
Sparkie
Full story
http://uk.finance.yahoo.com/news/fsa...083016499.html
