FSA mis-selling study finds rules broken in over 90% of swap sales

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The headquarters of the UK's Financial Services Authority

UK banks have been ordered to start a full review of interest rate hedging products they sold to small businesses after the start of 2001, after a pilot study found that over 90% of such sales had broken one or more regulations.

The Financial Services Authority (FSA) first announced it had found "serious failings" in interest rate hedge sales in June 2012. As a result, over the last six months, 11 UK banks carried out independent pilot reviews of some of the more complex sales they had made over

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