HSBC misses interest swap redress target as banks' payouts hit £159m

Figures released by the Financial Conduct Authority (FCA) showed that Barclays, Lloyds and the Royal Bank of Scotland all surpassed their set targets for determining redress for reviewed cases in December, while HSBC lagged behind its initial projection by one percentage point. However, HSBC surpassed the FCA's set target of communicating with more than 50% of customers by the end of the year, having told 54% of their customers what the outcome of their review was. Banks were ordered by the regulator to conduct reviews into how interest rate hedging products were sold to retail client...