Swaps compensation: 'slow progress'

Press Association

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Martin Wheatley
Martin Wheatley

Banks are continuing to make slow progress in compensating small businesses mis-sold complex financial products as the City watchdog revealed 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 as it revealed only another 22 firms agreed redress deals last month out of nearly 30,000 cases being reviewed.