FCA clears banks to begin £2bn interest rate swaps payouts

The new City regulator, which took over conduct responsibility from the Financial Services Authority (FSA) from the start of April, has given banks including Royal Bank of Scotland and Lloyds the authority to begin to contact customers to initiate the compensation process, the Telegraph reports. Barclays and HSBC are also believed to have been given the go-ahead to settle cases. The decision to allow the banks to begin compensation, which is understood to have been communicated within the past 10 days, is a major milestone for the companies involved. The news comes 13 months after ...