Statement on FSA Announcement Regarding Interest Rate Hedging Products
Barclays notes the announcement this morning from the FSA with regard to the sale of interest rate hedging products to small and medium sized enterprises (SMEs). Barclays has co-operated fully with the FSA throughout its thematic review of the sale of these products.
Approximately 5,000 interest rate hedging products have been entered into by SME customers since 2001. To date, 48 complaints have been ruled on by the Financial Ombudsman Service. Nearly 90% were decided in favour of Barclays.
It is currently anticipated that the financial impact of remediation costs will not be material to the Group.
For further information please contact:
+44 (0) 20 7116 5752
+44 (0) 20 7116 6132
About Barclays PLC
Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com.
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