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Small firms urged to apply for interest rate SWAP compensation

17 January 2014

calculator and desk April Newslestter

The Financial Conduct Authority (FCA) has urged hundreds of small firms affected by the interest rate swap mis-selling scandal to hurry up with their claims or risk missing out.

A deadline of 31 May has been set by the FCA for the banks to send out redress letters to all businesses mis-sold a swap agreement. The review will then be closed to new entrants after the deadline.

At the moment over 1,000 firms have been successful with their claims at an average payout of £160,000, but 3,700 of the 18,700 companies invited to claim for redress have yet to respond

An FCA spokesman said: "We would encourage the 3,700 firms yet to respond to do so as quickly as possible."

Haleys are able to assist with any potential claim to the banks and Senior Client Manager Paul Farrington said: "It is important that companies affected seek the right professional advice to ensure their claim is dealt with adequately and a satisfactory resolution achieved."

If you think you may have been mis-sold an interest rate swap agreement, or want advice regarding your agreement, please do not hesitate to contact Paul on or leave your email address below and we'll get straight back to you.

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Photo courtesy of By ddpavumba at

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