Banks face mis-selling scrutiny

Press Association

Britain's scandal-hit banking industry is to face fresh scrutiny when the City watchdog publishes an update into the mis-selling of complex financial products to small businesses.

As many as 40,000 so-called interest rate swaps could have been mis-sold to small businesses since the end of 2001 after the Financial Services Authority (FSA) revealed last June it had uncovered "serious failings" in the sale of the products.