IRSA Scandal: FSA Finds 'Serious Failings', Banks Agree To Compensate Customers

Some of Britain's biggest banks are facing a hefty compensation bill on Friday after the City watchdog said it found "serious failings" in the sale of complex financial products to small businesses.

Barclays, HSBC, Lloyds and Royal Bank of Scotland have agreed to compensate customers where the mis-selling of so-called interest rate swap arrangements (IRSAs) has occurred, the Financial Services Authority (FSA) said.

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