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Bank claim: banks found to be mis-selling interest swap rates

Banks have been linked to another scandal as a report shows interest swap rates have been mis-sold to businesses.

A report conducted by the Financial Services Authority found that 90 per cent of the 173 cases had been mis-sold interest swap rates by HSBC, Royal Bank of Scotland (RBS), Barclays and Lloyds.

Interest swap rates are usually sold alongside business loans offering a fixed interest rate. However, the FSA’s report showed that banks had failed to meet regulatory requirements.

This news follows on from the mis-selling of payment protection insurance (PPI), which has seen banks pay over £10 billion in compensation and admin costs. In 2011, Lloyds agreed to pay out for all PPI claims.

Barclays was also found to be guilty of manipulating the London interbank offered rate (Libor) and was fined £290 million last year, while RBS is still facing charges. If found guilty the bank may be charged up to £500 million.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801532696-ADNFCR

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