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Interest rate swap redress reaches £598m

Major banks paid out £116.4m in redress for interest rate swap misselling last month, taking total payouts to £598.4m.

The latest FCA data shows £116.4m was paid to 1,143 customers in March for missold interest rate swaps.

In February, 1,338 customers received £175.7m in redress.

A total of 4,573 customers have now received redress since the scheme launched in August, with 1,485 claims rejected. Some 18,800 customers have so far been invited to join the review, with 84 per cent opting in.

Royal Bank of Scotland has the most affected customers with 4,195 at redress stage. HSBC has 2,295 at redress stage, while Barclays has 1,801 and Lloyds Banking Group has 1,092.

The FCA says the banks remain on track to provide a redress determination to all customers within 12 months of starting their reviews.

It says the banks will continue to send out final reminders to customers over the next few months to encourage as many as possible to participate, before the review is closed for new entrants.

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