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Seven more banks join swaps sale review list

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Seven more banks have agreed to review the sale of interest-rate swaps to small businesses and compensate customers where evidence of mis-selling is uncovered, the Financial Services Authority said yesterday.

The banks concerned are Allied Irish, Bank of Ireland, Clydesdale and Yorkshire, Co-operative, Northern and Santander. They have a small proportion of around 10 per cent of the swaps sales in the UK.

Britain's four biggest banks – Barclays, Lloyds, HSBC and RBS – have already agreed to pay compensation to customers they misled about the products.

Referring to the latest seven to join the list, the FSA said "there is no presumption that mis-selling has occurred". Santander said it had "identified only three customers who purchased structured collars and with whom we have already agreed to remediate".