View more on these topics

Banks pay out £159m in interest rate swap redress

UK banks have paid out £159m in redress for interest rate swap misselling claims by December, the latest FCA figures show.

Last year the banks were ordered to review past interest rate swap business with 18,700 customers now part of the review.

Just 1040 people have received redress while 672 have not been given redress. There are a further 7,500 customers in the redress phases.

The banks have agreed to offer customers 8 per cent simple interest on top of redress payments to compensate for the cost of being deprived of their money.

The Royal Bank of Scotland has the most sales reviews to deal with tackling more than 9,000 cases.

Lloyds Banking Group is reviewing nearly 2,000 sales while Barclays and HSBC have around 3,000 cases each.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm