Some leading High Street banks, including RBS and Barclays, have missed a deadline for agreeing compensation to small businesses for mis-selling interest rate swaps.
The banks were told by the regulator to have agreed payment by the end of May. Now the trade body for the banking industry says it will be "June or July" before the work is finished. "They are dragging their feet," said Liberal Democrat MP John Thurso, who sits on the Treasury Select Committee. "It seems to be across all banks and we're looking to them to pick up the pace. "There's a possibility that this scandal could get much bigger if the banks don't take it seriously, get a grip and come to terms with businesses who have been badly affected." The British Bankers Association (BBA) told BBC Radio 5 Live's Wake up to Money programme that "banks recognise they have to regain the trust and confidence of our customers", but claimed they had worked "incredibly hard to try to meet the deadline"......Read more here