Schedule slips and costs rise on rate hedge payouts

Airport delays

UK banks are speeding up the payment of compensation to small businesses mis-sold interest rate hedging products (IRHPs), but will still miss the May 2014 deadline, the UK Financial Conduct Authority (FCA) has confirmed. The FCA published estimates from the major banks of their progress towards completing the process of offering initial redress to customers who were mis-sold interest rate caps, collars and swaps. Of the four major UK banks, Lloyds said it would be finished by the end of April