Bloomberg News

FSA Reaches Settlement With Banks on Interest Rate Derivatives

June 29, 2012

June 29 (Bloomberg) --The U.K. Financial Services Authority said it reached a settlement with the country’s four biggest banks following claims they improperly sold interest-rate derivatives to small businesses.

Lloyds Banking Group Plc (LLOY), Barclays Plc (BARC), Royal Bank of Scotland Group Plc (RBS) and HSBC Holdings Plc (HSBA) will provide redress for customers and will stop marketing interest rate structured collars to retail customers, the London-based regulator said in a statement today.

To contact the editor responsible for this story: Edward Evans at

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