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Banks pay out £1.8bn in interest rate swap redress

The total amount paid out in redress for interest rate swap misselling by major banks has reached £1.8bn.

The latest figures published by the FCA show that as at the end of December, £1.8bn has been paid out and 11,000 customers have accepted a redress offer.

This compares to £1.5bn paid in redress to 10,000 customers as at the end of September.

So far the banks have sent 17,000 redress decisions to customers, 14,000 of which include a cash redress offer. The remaining 3,000 confirm the customer suffered no loss.

The FCA says the final date for customers to join the scheme is 31 March. It has asked the banks to remind eligible customers of their right to complain.

The scheme involves nine banks: Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Santander, Clydesdale and Yorkshire Banks, the Co-operative Bank, Allied Irish Bank and Bank of Ireland.

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  1. Aurangzeb Paracha 29th January 2015 at 1:48 pm

    1.8million or 1.8billion?

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