Banks set to pay further £77m to SMEs for swaps mis-selling

City Am reports that 1,040 firms had been paid a total of £158.6m in compensation from Lloyds, RBS, Barclays and HSBC by the end of December. In November a total of £81.2m was paid in redress, with 547 businesses accepting payments.

What’s been paid so far accounts for just five per cent of the £3bn the banks have earmarked for redress.

Clive Adamson, director of supervision at the FCA said: Banks have picked up the pace since November; we asked that they focus their efforts on making far more rapid progress in assessing individual cases and crucially in providing redress. May remains the target for all offers to have been sent out and the banks involved are working towards that.

Any affected business that has been invited to join the scheme and hasn’t, needs to act now so they can receive the redress they’re due.