• News Feeds
Page last updated at 06:36 GMT, Friday, 29 June 2012 07:36 UK

FSA: Swaps 'mis-sold' by banks


The Financial Services Authority (FSA) says banks mis-sold specialist insurance on loans known as interest rate swaps to thousands of small businesses.

The FSA's Martin Wheatley told the Today programme that these are complex products that should not have been in the hands of small businesses.

"Some of these small business have gone out of business," he said.

"A large number of SMEs (small and medium enterprises) are finding themselves in financial distress because of the products they bought to protect themselves."

Get in touch with Today via email , Twitter or Facebook or text us on 84844.

Story Tools


Sign in

BBC navigation

Copyright © 2019 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific