Businesses criticise swaps compensation delay

Among those critical of the length of time banks have taken to pay compensation to those wrongly sold insurance products is campaign group 'Bully Banks'

In a letter to Vince Cable, Bill Haslam, of Bully Banks, said: "2,800 people have been employed by the banks to deal with (after the sophistication tests) 15,000 cases, I am only a non-sophisticated small businessman of course but this is five cases per person?

"Many of these people are on £900 a day, as these jobs have been heavily advertised, and presuming an average daily cost across the 2,800 recruited of £300 per day per person this is a staggering £840,000 per day.

"If we said that they had all been working on this for only three months (when we know in truth many have been on this for a year now) this would be a staggering £76 Million.

"And yet the FCA and all these clever people at the banks have only managed to payout a grand total of £500,000 in 14 months to ten firms that were mis-sold!"