NEW YORK, NY--(Marketwire -03/14/12)- British banks continue to fall under scrutiny from both the general public and the Bank of England. According to Bank of England governor, Mervyn King, the UK banking industry has failed to heed "very real and wholly understandable" public animosity towards them. King said banks are in denial over their failure to deal with the financial crisis, with their lack of remorse the main factor behind the public's growing resentment. Five Star Equities examines investing opportunities in the Foreign Banking Industry and provides equity research on Lloyds Banking Group PLC (NYSE: LYG - News) (LSE: LLOY.L - News) and Barclays PLC (NYSE: BCS - News) (LSE: BARC.L - News). Access to the full company reports can be found at:
According to a report in The Sunday Telegraph, all of the UK's major banks, including Barclays HSBC, Lloyds Banking Group and Royal Bank of Scotland, are facing legal action with small and medium-sized businesses claiming the banks profited at their expense by pushing them to buy complex interest rate derivatives. Many of the suffered business owners told The Sunday Telegraph that they were not aware of the significant costs attached to the products that were supposed to protect loans from upward movements in interest rates.
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A Lloyds Banking Group spokesperson told Dow Jones that "Interest rate swap products are regulated and all swap trades are independently reviewed by the risk team to assess whether the product is suitable and appropriate for the customer and each customer is given a product profile, setting out the risks and benefits associated with the product, before they buy."
Meanwhile, Barclays said that it "is satisfied that it provides sufficient information to enable a client to make an informed, commercial decision about the products it offers."
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- Lloyds Banking Group PLC
- Bank of England governor
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