Britain’s Top Banks Promise to Pay Victims of Swaps Mis-selling Quickly
Four of the country’s largest banks will use a new structure to repay victims of mis-sold interest rate swaps they confirmed on Wednesday.
Barclays Lloyds RBS and HSBC are offering to remedy this mis-selling by providing customers with cash or a new more suitable product.
This will be paid and then there will be an evaluation to see whether as a consequence the firm is owed losses due to the mis-sold product.
This stage could be a lengthy process the original plan was to pay the customer both parts at the same time.
The new structure means that the new initial redress can be paid quicker.
It is expected that Barclays and Lloyds will initially focus on those in financial distress. HSBC will not breaking down their list of customers .