Interest rate hedge mis-selling bill tops £1 billion

Redress payments still rising for UK banks over unsuitable rate products

Money and a gavel

Redress for mis-sold interest rate hedges has now cost UK banks more than £1 billion, with the process still far from complete, according to the UK Financial Conduct Authority (FCA). Although the regulator announced earlier this year that the first stage – assessing customers for financial sophistication – had been completed, more customers have since joined the process. The customers, generally UK businesses of various sizes, are assessed for ‘sophistication' - whethe