17 jul: Banker/Nykredit: Kun Sydbank mangler at vise hånden
17 jul: NKT/Nordea: Ny kinesisk jernbaneinvestering kan løfte Cables
17-07-2012 10:58:00

National Australia Bk's UK Units Pulled Into FSA Probe - Sources

Relateret indhold

By Caroline Henshaw

SYDNEY--National Australia Bank Ltd.'s (NAB.AU) problems in the U.K. will intensify this week when its Yorkshire Bank and Clydesdale subsidiaries are added to a review of the alleged miss-selling of interest rate swap products, two people familiar with the matter said.

The banks will be among a dozen or so lenders brought under the scope of the review by the Financial Services Authority, which has already flagged "serious failings" in the sale of interest-rate hedging products to small and medium-sized businesses over the past decade, one of the people said.

Barclays (BCS), Royal Bank of Scotland Group PLC (RBS), Lloyds Banking Group PLC (LYG) and HSBC Holdings PLC (HBC) last month reached an agreement with the Financial Services Authority, or FSA, that could see hundreds of thousands of pounds paid to customers in compensation over "serious failings" in the way products were sold.

"We believe that this has resulted in a severe impact on a large number of these businesses," the FSA said in a statement.

Interest rate swaps are a type of derivative product designed to protect buyers against increases in interest rates by swapping variable rates for fixed rates over a certain period. The regulator estimates the U.K. banks may have sold up to 28,000 interest rate swaps since 2001.

The FSA is expected to release another document this week giving more details on the scheme after its first report was deemed too vague. The original report found that cancellation costs were poorly disclosed, that banks failed to establish associated risks and that non-advised sales strayed into advice.

The banks maintain that the products were not complex and so customers would not be eligible for compensation.

Write to Caroline Henshaw at caroline.henshaw@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

July 17, 2012 04:58 ET (08:58 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Dong vil opføre vedligeholdelsesanlæg til kæmpe havmøllepark

18-08-2017 16:21:48
Dong Energy har underskrevet en hensigtserklæring med Zeeland Seaports om opførelse af et drifts- og vedligeholdelsesanlæg (O&M) i Vissingen Buitenhaven i det sydvestlige Holland, der skal servicere havmølleparkerne Borssele 1 og 2.Det oplyser selskabet i en meddelelse fredag eftermiddag.Der vil efter planen blive underskrevet en endelig aftale, når et område af havnen er blevet videreudviklet "he..

Siemens Gamesa afskediger 600 medarbejdere på vingefabrik i Aalborg

18-08-2017 14:30:08
Vindmølleproducenten Siemens Gamesa Renewable Energy foretager en kraftig reduktion i arbejdsstyrken på sin vingefabrik i Aalborg, hvilket sker som reaktion på ændrede markedsforhold og intensiveret konkurrence.I alt vil 730 medarbejdere på fabrikken, som i dag har 2100 ansatte, blive berørt, idet 600 ventes afskediget per 30. september 2017, mens 130 vil blive omplaceret på fabrikken.Det oplyser ..

Aktier/åbning: Novo tager bundplacering i rødt marked

18-08-2017 09:18:37
Det danske C20 Cap-indeks fortsætter de negative tendenser fra USA og Asien og åbner med et fald på 0,6 pct. i et overvejende rødt marked, hvor særligt Novo Nordisk skiller sig negativt ud.Eliteindekset følger altså uroen fra de tre store amerikanske aktieindeks, Dow Jones, S&P 500 og Nasdaq, som torsdag dykkede markant for anden gang på tre dage, samt de asiatiske markeder, der ligeledes overveje..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge

Relaterede aktiekurser

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2017  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
20. august 2017 15:33:20
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20170808.1 - EUROWEB5 - 2017-08-20 15:33:20 - 2017-08-20 15:33:20 - 1 - Website: OKAY