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?
Relief for small business, more bad news for the banks
The City watchdog found that 90% of interest rate swaps sold to small businesses were mis-sold, and customers are entitled to compensation.
What are interest rate swaps?
An FSA review found that more than 90% of so-called interest rate swaps sold to businesses were mis-sold. But what are they?