Small firms caught up in the mis-selling of complex interest rate derivative products face up to a nine month wait to hear if they qualify for compensation.
In a letter to customers, seen by the Daily Telegraph, Royal Bank of Scotland (RBS) said it estimates the mis-selling review could take "up to nine months". It added this was the length of time required "to ensure that we have completed a comprehensive review of each customer's circumstances". Guto Bebb, the Conservative MP leading the campaign on behalf of swap victims, said he was "very unhappy" the review could take so long. "It is imperative that any businesses in this position are allowed to put that swap deal into a suspense account while the review is undertaken," the Telegrap...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
