Banks to review selling practices in UK

Bank of Ireland and AIB have agreed to review their product selling practices in Britain, as part of a wide-reaching probe by Britain’s financial watchdog.

The two Irish banks are among seven additions to an already under way investigation of potential mis-selling of interest rate swaps being carried out by the Financial Services Authority.

Last month, the FSA found what it called “serious failings” in the sale of interest rate hedging products to some SMEs on behalf of Britain’s four biggest banks — Barclays, HSBC, Lloyds and Royal Bank of Scotland. Those banks have agreed to review their selling practices.