Lenders pay off £300m of £3bn swaps redress
BRITAIN’S biggest banks have paid £306.3m to small firms who were mis-sold interest rate swaps, the Financial Conduct Authority said yesterday.
The figure for January is almost double the £158.6m completed by December, as the banks get closer to finishing their evaluations of customers and can pay more of the compensation.
But around another £2.7bn still remains, and the banks only have until May to hit that deadline.
The figures show 2,092 firms have so far accepted the offers, meaning the average claim comes in at more than £21,000.
In 682 cases the banks found no redress was due.
HSBC is leading the pack – it has determined the payments for 66 per cent of its customers.
Lloyds is in second place with 57 per cent, but is expected to overtake HSBC to finish the process first, in April.
Meanwhile RBS has completed 35 per cent of redress determinations, and Barclays has done 37 per cent.
Barclays is expected to be the last to complete the review, with the FCA projecting the bank will finish the process in June.