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UK banks pay out $1.9 billion for swaps mis-selling -regulator
June 12, 2014 / 9:57 AM / 3 years ago

UK banks pay out $1.9 billion for swaps mis-selling -regulator

LONDON, June 12 (Reuters) - Britain’s banks have so far paid out just 1.1 billion pounds ($1.9 billion) of the 3.75 billion set aside to compensate customers who were mis-sold complex interest rate hedging products, the financial regulator said.

The Financial Conduct Authority said on Thursday that banks had finished reviewing all 30,000 potential cases of mis-selling and had sent out 15,000 decisions to customers. To date, 7,000 customers have accepted offers of compensation.

$1 = 0.5956 British Pounds Reporting by Matt Scuffham; Editing by Laura Noonan

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