The first redresses for those mis-sold interest rate hedging products (IRHPs) have been made under the FCA scheme, the authority announced.
Ten out of 210 offers of compensation from banks worth £500,000 were accepted by businesses as of the end of August, the FCA said in a report.
But it added that it expects this figure to “increase rapidly” over the next few months as 1,700 more offers will be sent out shortly.
The scheme has been criticised for being too...
About Rachael Power
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