British banks facing more woes after 'failings' found in IRSA sales
Some of Britain’s biggest banks are facing a hefty compensation bill today after the City watchdog said it found “serious failings” in the sale of complex financial products to small businesses.
Barclays, HSBC, Lloyds and Royal Bank of Scotland have agreed to compensate customers where the mis-selling of so-called interest rate swap arrangements (IRSAs) has occurred, the Financial Services Authority (FSA) said.