Advertisement

  1. National

Firms to meet regulator over rates 'swaps' payouts

Small companies hit by alleged mis-selling of interest rate swaps will meet with the FCA regulator today. Some have complained that banks are dragging their heels over compensation decisions.

View all 3 updates ›

Interest rate swaps payouts hit £158m in December

Small companies hit by alleged mis-selling of interest rate swaps will meet with the FCA regulator Credit: Reuters

In December, redress payments to businesses affected by the interest rate swap mis-selling scandal reached £158.6m, according to Financial Conduct Authority.

Figures showed that Barclays, Lloyds and the Royal Bank of Scotland all surpassed their set targets for making these payments, while HSBC was behind its projection by 1%.

To date, these five banks have set aside about £3bn to meet the cost of compensating customers.

More top news