Treasury backs tougher stance on swap mis-selling

Greg Clark, financial secretary to the Treasury, has told the Financial Services Authority (FSA) that banks must allow firms' mis-sold the swaps to stop making premium payments. The FSA recently said 90% of interest rate hedging products were likely to have been mis-sold to SMEs. The Telegraph reports the minister stopped short of calling for a complete ban on payments, but is understood to have privately told the FSA that its findings were a "game changer". Barclays, Lloyds Banking Group, Royal Bank of Scotland and HSBC have agreed to suspend payments on a "case by case basis" fo...