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Six more banks agree to swaps sales review

Six more banks agree to swaps sales review

Six more banks have agreed to review their sales of controversial interest-rate ‘swap’ products following a pilot review into them conducted by the Financial Services Authority (FSA).

Allied Irish Bank UK, Bank of Ireland, Co-operative Bank, Clydesdale and Yorkshire Banks, and Santander UK have agreed to the review.

They join BarclaysRoyal Bank of Scotland (RBS), HSBC and Lloyds, which agreed earlier this year to reviews.

The FSA said the six new banks’ scrutiny of sales would be overseen by an independent reviewer, in line with the approach for Barclays, RBS, HSBC and Lloyds.

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