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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.

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FSB: 'We are quickly losing confidence in the banks'

The Federation of Small Businesses has said it is "quickly losing confidence" in the banks and the regulator over the mis-selling of complex financial products.

...the FCA [Financial Conduct Authority] has laid bare depressing figures which show that after five months only ten businesses out of over 15,000 currently in the process have been offered compensation.

What makes this even more disappointing is that 1,300 firms who should be offered redress straight away are still stranded in this inept compensation scheme.

We are quickly losing confidence in the banks and the regulator as this scheme remains unbelievably slow.

– John Allan, National Chairman, Federation of Small Businesses
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Rate swaps compensation starts

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