Rate swaps compensation starts
Banks have started paying compensation for mis-selling of interest rate swaps and the bill is expected to increase rapidly over coming months, the Financial Conduct Authority says.
Banks begin paying compensation for mis-selling
Britain's markets watchdog said banks have started paying compensation for mis-selling of interest rate swaps and the bill is expected to increase rapidly over coming months.
The products were designed to protect smaller companies against rising interest rates but when rates fell, they had to pay large bills, typically running to tens of thousands of pounds. Companies also faced penalties to get out of the deals, which many said they had not been told about.
The Financial Conduct Authority said in a statement on Wednesday that by the end of August 10 offers of redress had been accepted by businesses totalling £500,000.
More top news
-
Joe Biden vows to fight racial inequality with economic agenda
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
-
Trump reverts to promoting unproven drug as coronavirus treatment
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
-
What the papers say – July 29
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.