FSA Reveals Scale of Interest Rate 'Swap Mis-Sell'

The Financial Services Authority has revealed that more than 90% of interest rate swaps were allegedly mis-sold to small businesses by banks.

Last night Sky News City Edtior Mark Kleinman revealed that the City regulator had set out a revised framework for small business enterprises (SMEs) to pursue possible redress.

It is the latest mis-selling scandal to hit Britain's high street banks and involved selling interest rate hedging products that were designed to provide insurance against steep rate rises.

Britain's scandal-hit banking industry now faces another hefty compensation bill after the review of the complex products.

The FSA said a significant proportion of the 173 cases examined were likely to result in redress being due to the customer.

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