OK, first up there are laws about this stuff and no bank should be selling derivatives to any person or organisation deemed incapable of understanding them properly. Know your customer and all that. But an interest-rate collar to a commercial enterprise ? It's pretty simple stuff, despite Robert Peston's silly attempt to make it sound complicated.
An 'asymmetric cap and collar' ? Do us a favour, Pesto, it's a collar (or a cap and floor, same thing), and the asymmetry has nothing to do with the issue. The premium sounds ridiculously steep and it's that which raises the eyebrows, not the collar itself. But who knows what the credit-risk looked like for Barclays on the floor leg ? And how would a basic swap have been priced to the same customer at the same time ?
If Barclays have indeed screwed up on 'know your customer', the deal will be unenforceable anyway. So one presumes that technically speaking, they haven't.
Move along, nothing to see here.