Another day, another bank mis-selling scandal.
This time the FSA has said four banks, Barclays, HSBC, Lloyds and the Royal Bank of Scotland, will pay back tens of thousands of small businesses who were mis-sold complex insurance deals.
Around 40,000 "interest rate hedging products" (IRHPs) have been sold to small businesses since 2001.
So banking stocks were tumbling, right?
Well, no.
Lloyds Banking Group is up 1.2% at 51.6p, Royal Bank of Scotland down 1.1% at 343.3p, Barclays down 0.3% at 301p and HSBC down 1% at 716.7p.
Perhaps even more interestingly, all four banks have seen their shares soar over the past six months.
HSBC shares are up 28%
RBS shares are up 61%
Lloyds shares are up 64%
Barclays shares are up 85%
