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' - whether they can be considered to

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