More banks in swap scandal

Tim Wallace
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SIX MORE banks are reviewing all their sales of interest rate swap products after the finance watchdog found over 90 per cent of sales examined broke the rules, the Financial Services Authority said yesterday.

Allied Irish bank, the Clydesdale and Yorkshire banks, Co-Operative Bank, Santander UK and the Bank of Ireland will all review their sales and compensate anyone who was mis-sold the protection against rate rises.

They join the big four banks which have already agreed a process to decide which were mis-sold.