Shows & Panels
Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- American Readiness: Renewable Power and Efficiency Technologies
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal News Radio's National Cyber Security Awareness Month Special Panel Discussion
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- Government Perspectives on Mobility and the Cloud
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mitigating Insider Threats in Virtual & Cloud Environments
- Modern Mission Critical Series
- The New Generation of Database
- Reimagining the Next Generation of Government
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
UK watchdog investigates banks for mis-selling
Thursday - 1/31/2013, 2:31pm EST
LONDON (AP) - The Financial Services Authority said Thursday it is reviewing practices of the U.K.'s big retail banks after finding serious problems with the sale of interest rate hedging products to small businesses.
The authority said Thursday the review will include Barclays, HSBC, Lloyds and RBS banks. The authority said in a statement that the banks have agreed to review sales and provide "redress" to customers in a process overseen by independent reviewers.
The FSA had announced in June 2012 that there were significant failings in the sale of IRHPs, which were marketed as a way for businesses to protect themselves from rate increases.
The authority's new statement says that in a review more than 90 percent of the 173 cases it studied turned up at least one regulatory violation.
"Where redress is due, businesses will be put back into the position they should have been without the mis-sale," said Martin Wheatley, CEO-designate of the Financial Conduct Authority.
UK banks have so far set aside 12.3 billion pounds ($19.6 billion) to compensate customers who bought payment protection insurance which they didn't need.
The Financial Services Authority also said that IRHP sales by Allied Irish Bank (UK), Bank of Ireland, Clydesdale and Yorkshire banks, Co-Operative Bank and Santander UK are being scrutinized. It said those banks are likely to launch their own reviews in the next two weeks.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)