Banks speed interest rate swap redress as payouts top £81m in Nov

Banks paid out £81.2m last month to compensate businesses mis-sold complex interest rate hedging products.

The Financial Conduct Authority (FCA) said the speed of banks' progress in reviews and compensation is increasing. It wrote to the chief executives of the UK's four largest banks last month to reiterate that redress should be delivered quickly. Clive Adamson, director of supervision at the FCA said: "I welcome the fact these figures show the pace of the banks’ reviews continuing to increase and more businesses and customers are starting to receive compensation payments, but we will keep the pressure on to ensure they continue to move as quickly as they can. "The banks’ responses [...