UK banks paying $2 billion for swaps mis-selling: regulator
Britain’s banks are in the process of paying out 1.2 billion pounds ($2 billion) to compensate small businesses who were mis-sold complex interest rate hedging products, data from the UK financial regulator showed on Friday.
Almost 30,000 cases have been reviewed and 16,000 customers were sent decisions by the end of June, the Financial Conduct Authority said. To date, 8,000 customers have accepted offers of compensation, it added.
($1 = 0.5877 British Pounds)
(Reporting by Clare Hutchison, editing by Freya Berry.)
Source: Reuters
