Barclays announce 2012 results – Provision for swaps mis-selling £850 million
Barclays Bank announced an £850 million provision for interest rate hedging product (swaps) mis-selling in 2012, with around 4,000 affected customers, approximately 3,000 deemed non-sophisticated. This suggests an average provision of £280,000 per customer. Lexlaw estimates that total liabilities for major banks, including Barclays and RBS, could reach several £billion pounds.