UK banks face questions over swap 'mis-selling'

A top official at the Financial Services Authority (FSA) has warned Britain's four largest banks face more questions over their sale of interest rate hedges to small business customers.

Martin Wheatley (pictured), head of financial conduct at the FSA, said he thought the largest banks had been responsible for the sale of 95% of the controversial interest rate swap products to small businesses, writes the Telegraph. "We think there are a number of questions to answer," he said yesterday while giving evidence to the Treasury Select Committee. "We hope to give an initial view of where those questions are and the way forward." MPs will today hold a debate in the House of Commons to discuss the issue of swap mis-selling by banks, including, Barclays, Lloyds Banking Group,...