UK banks face up to SME swap misselling claims

The UK’s big four banks are set to review 28,000 interest rate hedging trades with smaller companies after the Financial Services Authority found evidence of serious failings in sales practices. How widespread were the problems and what went wrong? Joe Rennison reports


Nine adverts appear on Google’s UK site when searching for the phrase ‘interest rate swap’. Six are from firms offering legal advice to companies that believe they were the victims of mis-selling: “Told you needed an agreement? Get compensation. No win – no fee,” says one; “Mis-sold a swap rate?” asks another.

Hundreds of small and medium-sized enterprises (SMEs) have come forward with these kinds of complaints over the course of the year in the UK, prompting a probe of sales practices at

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