Interest rate mis-selling payouts hit £1.5bn for banks
Compensation payouts from banks mis-selling complex interest rate products total £1.5 billion to date, with an estimated £650 million to come, according to the FCA
Settling thousands of cases of mis-sold interest rate products has so far cost UK banks £1.54 billion, according to the UK Financial Conduct Authority (FCA).
The financial regulator has released data showing progress in the review of mis-sales to date, illustrating the extent of the compensation paid out and the breakdown of affected customers.
Compensation costs to banks, including RBS and Barclays, are likely to keep rising as cases continue to be addressed. Since March this year more than a
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