Treasury: Banks need to work out compensation

Greg Clarke, Financial Secretary to the Treasury, said banks must work with independent assessors and their customers to determine the amount of compensation due to clients who were mis-sold interest rate swaps:

Read More: What are interest rate swaps?

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Banks face mis-selling payouts

Britain's scandal-hit banking industry was facing another hefty compensation bill after a review of complex products sold to small businesses found more than 90% had been mis-sold.