LONDON (Reuters) - British banks are acting too slowly to pay compensation to firms that were mis-sold financial products, Business Secretary Vince Cable said on Thursday, calling for swifter payouts and greater transparency.
Banks such as Barclays, HSBC, RBS and Lloyds have been setting aside hundreds of millions of pounds after regulators found they had been widely mis-selling complex interest rate hedging products to small businesses.
However, at a meeting with Financial Conduct Authority chief Martin Wheatley on Wednesday, Cable said banks should handle claims faster to help relieve pressure on struggling businesses.
"I am frustrated at the lack of progress on the mis-selling of interest rates swaps," Cable said. "I meet many small businesses as I travel round the country who have been afflicted by this scandal and those who deserve compensation should not be left waiting any longer."
The FCA agreed to publish regular updates on claims - data which Cable said could be used to hold banks to account. The FCA watchdog was created in April, marking the end of a 'light touch' regulation system that failed to prevent a financial crisis and several mis-selling scandals.
(Reporting by William James; Editing by Ruth Pitchford)
Source: http://news.yahoo.com/banks-too-slow-pay-mis-selling-claims-uk-230252294.html
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