Barclays (BCS), HSBC (HBC), Lloyds (LYG) and RBS (RBS) may have to pay small-business customers...
Thursday, January 31, 5:33 AM ETBarclays (BCS), HSBC (HBC), Lloyds (LYG) and RBS (RBS) may have to pay small-business customers hundreds of millions of pounds in compensation over the mis-selling of products that were supposed to lower their clients' interest-rate risks. The FSA has ordered the banks to review the sales after the U.K. regulator found that banks breached rules in over 90% of 173 deals that it looked at. Barclays has already provisioned £450M for the purpose.
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