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LONDON (Alliance News) - The UK's banks are making slower progress than expected in reviewing their sales of interest-rate hedging products that could have been mis-sold, a UK regulator said Friday.
"Progress to this point has been slower than expected. Many customers have been waiting too long to find out if they were mis-sold, some for more than six months. We have told the banks that we expect most customers who have joined the review to have been informed of their compliance assessments and, if applicable, to have received an initial redress offer by the end of the year," the Financial Conduct Authority said in a statement.
Barclays, HSBC, Lloyds and RBS are all taking part in the review, and figures show slow progress has been made since the last update frpm the FCA.
RBS has made progress in advancing many of its sales under review past the first two stages of review by 34%, to 5,154 products on September 27, though the FCA's figures show the bank has struggled to reach the very final stage of review. The bank has more than doubled the number of sales at the penultimate stage of review, up to 645 sales on September 27, from 289 on August 28.
However, not many RBS customers have been given redress over the past month, with the FCA's results showing that just one more sale has since been added to the 20 cases that were at the redress offer and acceptance stage on August 28.
In the same period, Barclays has moved 67 cases to the redress and offer stage, taking its tally to 159, while HSBC has added 126 to its previous figure of 68. Lloyds has added 19 sales to its previously reported 13.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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