Banks have paid almost £800 million in compensation to companies affected by the mis-selling of interest rate swap agreements, an update has revealed.
The Financial Conduct Authority said around 80% of the 19,000 invited to join its review had received a determination, with the remaining cases expected to receive details in the coming six weeks.
It said it was meeting officials at RBS weekly to ensure the quality of the review process is not “compromised” by its efforts to catch up with a timetable which slipped.
Around 1,300 of those affected by the IRSAs have yet to sign up for the review process, and the FCA also sought to encourage “as many as possible” to participate before the scheme closes.
