The interest rate swap mis-selling redress scheme has now paid out more than £306m to affected small businesses.
Latest figures from the Financial Conduct Authority showed 9,000 customers were now in the redress phase. January figures showed the overall rate of non-compliant sales remained at 96%. FCA director of supervision Clive Adamson said: “Redress is now rapidly flowing to small businesses. However, our focus will remain on ensuring that during the decision process affected business owners are treated fairly and that banks remain on course to get their initial offers of compensation out by the end of May.”
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