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Monthly Archives: January 2014

Mis-Selling Derivatives: Banks Pay Only £158m in Redress for 1,040 Victims

January 10th, 2014 by

Britain’s biggest banks have only paid out £158.6m in redress to just over 1,000 victims of mis-sold interest rate swap agreements, despite an estimated 40,000 businesses being affected by the scandal.

According to the Financial Conduct Authority’s latest progress report, just 1,040 victims have accepted “full tear up” and alternative product offers and £158.6m (€192m, $261m) has been paid out so far.

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