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The process of compensating businesses that were mis-sold complicated insurance products has been "slower than expected", the regulator has said.
The Financial Conduct Authority (FCA) said the current pace of redress meant a target of completing compensation within a year was likely to be missed. Up to 25,000 businesses could be in line for compensation after being mis-sold the interest rate swaps. The FCA has written to banks to agree ways to speed up the process.
Rate impact
Many thousands of small businesses were sold the products in the years between 2001 and 2008. Those affected include vets, care home operators, hauliers and pub owners....Read more here
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