FCA: £1.8bn paid out in interest rate swap redress

This means that, so far, 80% of offers have been accepted. For those banks who got their letters out earlier, the acceptance rates are around 90%.

The nine banks in the scheme sought to identify all eligible customers who were sold swaps, structured collars or simple collars and invited them to join the review. The final date for new entrants to join the scheme will be 31 March 2015. The FCA has asked the banks to remind eligible customers of their right to complain, and urges these customers to do so as soon as possible if they want to participate in the scheme.

So far the banks have sent 17,000 basic redress determinations to customers, 14,000 of which include a cash redress offer, and 3,000 confirm that the IRHP sale complied with our rules or that the customer suffered no loss.

The banks involved in the scheme are: Allied Irish Bank (UK), Bank of Ireland, Barclays, HSBC, Clydesdale & Yorkshire Banks, Co-operative Bank, Lloyds Banking Group, Royal Bank of Scotland and Santander UK.