Seven banks join FSA review of interest rate hedging products

Last month, Barclays, HSBC, Lloyds and RBS agreed to provide appropriate redress where mis-selling of the products had occurred, following a review of sales. A further seven banks - Allied Irish Bank (UK), Bank of Ireland, Clydesdale and Yorkshire banks (part of the National Australia Group (Europe)), Co-operative Bank, Northern Bank and Santander UK - have now volunteered to join the review and redress exercise. These latest banks account for about 10% of the overall interest rate hedging product sales in the UK, although the regulator confirmed it has not examined their sales and th...