Banks are offering recruits up to £900 a day to work on interest rate swap mis-selling claims.

Banks are offering pay packages worth more than £200,000 a year to recruit staff to handle the compensation of small business customers mis-sold complex interest rate derivatives by their investment banking arms. Potential recruits are being offered as much as £900 a day to work on lenders’ redress schemes, according to job adverts placed on the website of City headhunting firm, Aston Carter. Barclays and Lloyds Banking Group are understood to be the two banks behind the majority of the hiring. RBS has not yet begun hiring any extra staff to handle its swap mis-selling compensation programme. Lloyds is said to be looking for as many as 80 extra staff to work on processing swap mis-selling claims, according to one banking industry source.

In a statement Lloyds said: “We are fully engaged and participating in the review of interest rate derivative products, which will provide redress to certain customers, as set out by the FSA. We are taking this process very seriously and we are committed to ensuring we have the appropriate level of resource to manage the review process effectively.”....Read more here: Swap mis-selling staff offered pay worth more than £200,000 a year