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 HSBC Holdings PLC (NYSE: HBC - News) (LSE: HSBA.L - News) and The Royal Bank of Scotland Group PLC (NYSE: RBS - News) (LSE: RBS - 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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The Sunday Telegraph article cited an RBS spokesman as saying the bank was "satisfied" that sales "had been conducted in accordance" with its own its rules. "RBS has strict policies in place to ensure that interest rate swaps are sold properly... We regularly carry out audits of our businesses to ensure our policies and procedures are robust, meet the relevant regulatory guidelines and are followed by staff," RBS said.
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- Bank of England governor
- Mervyn King
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