Banks ‘too slow to pay back firms’

By The Newsroom

Published 5th Oct 2013, 01:01 BST

BANKS are continuing to make slow progress in compensating business people who were mis-sold complex financial products, it was revealed yesterday.

The City watchdog has revealed that some firms have been waiting more than six months for the outcome of their case.

The Financial Conduct Authority (FCA) said progress on compensation for so-called interest rate swaps had been slower than expected so far. Only 22 firms agreed redress deals last month, out of nearly 30,000 cases being reviewed.

So far 32 offers have been accepted, totalling £2m.