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Financial Services Authority OKs Settlement With Royal Bank of Scotland Group plc And Others On Rate Hedges-DJ
Dow Jones reported that the Financial Services Authority on Friday confirmed settlements with the U.K.'s four banks after it found 'serious failings' in the sale of interest-rate hedging products in what has been one of the worst weeks ever for the sector. The financial regulator said that the four banks involved, Barclays PLC, HSBC Holdings plc, Royal Bank of Scotland Group plc and Lloyds Banking Group plc would take action to redress the customers that bought the most complex products and would stop marketing interest rate structured collars to retail customers. The FSA isn't imposing fines on any of the banks. Interest-rate hedging products can protect bank customers against the risk of interest-rate movements and can be an appropriate product when properly sold in the right circumstances. During the period 2001 to date, banks sold around 28,000 interest rate protection products to customers.
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