Seven banks review rate swaps

A further seven banks have agreed to review the sale of complex financial products to small businesses and compensate customers where evidence of mis-selling is uncovered, the City watchdog said today.

Allied Irish Bank, Bank of Ireland, the Clydesdale and Yorkshire banks, the Co-operative Bank, Northern Bank and Santander UK will review the sale of so-called interest rate swaps to small and medium enterprises (SMEs), the Financial Services Authority (FSA) said.