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The Financial Services Authority (FSA) confirmed on Friday, 29 June 2012 that some of Britain’s biggest banks will have to pay compensation to small businesses which were mis-sold complicated insurance to protect loans against rises in interest rates. So-called interest rate swap arrangements (IRSAs) fall broadly into four categories: Swaps – enabling the customer to ‘fix’ their interest rate; Caps – placing a limit on any interest rate rises; Collars – enabling the customer to limit interest rate fluctuations to within a simple range; and Structured collars – enabling a customer to limit interest rate fluctuations to within a specified