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

Pilot review finds almost no cases where UK banks behaved properly in selling interest rate hedges to small business

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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