Interest rate mis-selling payouts hit £1.5bn for banks

FCA publishes details of compensation paid by nine UK banks

Money and a gavel

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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