Comments
Britain's biggest banks have paid out 1.54 billion pounds ($2.46 billion) to compensate small firms mis-sold complex interest rate hedging products, the financial regulator said on Tuesday.
The Financial Conduct Authority said that 9,858 cases had been settled by Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland.
The products were supposed to protect smaller companies against rising interest rates but, when rates fell, the companies had to pay large bills, typically running to tens of thousands of pounds. Companies also faced penalties to get out of the deals, which many said they had not been told about.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.