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Missold derivatives 'echoes PPI scandal'

British banks currently face a "crisis of trust" in the wake of the payment protection insurance (PPI) scandal, the misselling of derivatives and the exploitation of Libor and Euribor rates, a political and financial journalist has pointed out.

Writing for the International Business Times, Lianna Brinded explained certain lenders in the country may have "rigged interest rates, scammed small businesses and broken promises to lend cash".

The Financial Services Authority highlighted "serious failings" in the selling of interest rate hedging products to companies in the UK, which the regulator said is thought to have had a "severe impact" on a large number of recipients.

It found a number of the nation's largest financial institutions failed to disclose that bank charges incurred when exiting these schemes, neglected to determine the client's knowledge of risk and performed a number of other poor sales practices, with this misconduct being driven by incentives and rewards.

Barclays, Lloyds, RBS and HSBC have agreed to provide appropriate bank refunds to customers who were a victim of misselling.

This "echoes" the "damning indictment" against the sector following the six-year probe into the PPI scandal, Ms Brinded remarked.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801397345-ADNFCR

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