Britain's four biggest banks, Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland, have agreed to a settlement over mis-selling swaps to small and medium sized companies. Over 28,000 interest rate products had been sold since 2001. Problems with these products included poor disclosure of exit costs, failure to ensure customers understood the risk of the product, and over hedging. The announcement follows on the £290 million ($453 million) fine levied on Barclays earlier in the weeks for manipulating LIBOR interest rates. RBS and HSBC are still being investigated for LIBOR fixing as well. http://www.garp.org/risk-news-and-resources/risk-headlines/story.aspx?newsid=48927
