British banks convicted again for sales of insurance products

The British authorities have sentenced 13 banks and a specialized insurance company to pay compensation up to 1.3 billion GBP (2.10 billion USD ) to their customers. These entities are accused of forcing account holders to underwrite costly insurance products while providing them with unclear or erroneous information. Barclays, HSBC, Royal Bank of Scotland, Morgan Stanley International and Santander UK Plc are among the main banks penalized. These companies had already been convicted in 2012 after having underwritten insurance policies without their customers’ approval. They had then to pay a fine of 4.5 billion GBP (7.27 billion USD).