U.K. financial sector hit with £1.3B fine for more mis-selling

|By:, SA News Editor

The U.K.'s Financial Conduct Authority has reached a settlement of up to £1.3B ($2.04B) with banks, credit-card issuers and insurer CPP to compensate customers for mis-sold credit-card insurance.

The firms involved include Lloyds (LYG), Barclays (BCS), HSBC (HBC), Morgan Stanley (MS), Santander (SAN), Capital One (COF) and RBS (RBS).

The deal is dependent on customer and court approval.

The agreement adds to the billions of pounds in fines that banks have paid for mis-selling other financial products. (PR)