FCA URGES SMEs TO SIGN UP FOR SWAP SCHEME

The FCA has urged 1,900 small businesses to join its £3.75bn interest rate swaps compensation scheme before it closes this year. The regulator said that by the end of February banks had paid £482m - approximately 13% - of the compensation they have been told to hand over by the end of July. The average payout under the FCA scheme so far was £140,000 at the end of February and 3,430 companies have received compensation.