Banks double interest rate swaps mis-selling payouts

They have now paid out a total of ?306.3m to 2,092 businesses, in comparison with ?158.6m by the end of December.

Clive Adamson, director of supervision at the FCA said: “Redress is now rapidly flowing to small businesses. However, our focus will remain on ensuring that during the decision process affected business owners are treated fairly and that banks remain on course to get their initial offers of compensation out by the end of May.”

Whilst the increasing pace of payouts will no doubt be welcomed, the funds represent just 10 per cent of those set aside to compensate those affected. 

Scott Cowan, director at Veritas Treasury, which advises companies pursuing claims, said: “Coverage of the FCA swaps review progress will no doubt focus on a doubling in total payouts to ?306 million but behind the headline figures there remains considerable misery and anxiety for SMEs still waging a protracted and stressful battle against their banks – or worse – excluded from the entire process on a technicality and with no hope of redress.”

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