IRSA – the new PPI?
However, there is also plenty of evidence which suggests that banks are causing unacceptable delays in the paying of compensation for mis-sold interest rate swap agreements, with both professional negligence lawyers and the Financial Conduct Authority watchdog criticising banks for what they perceive to be wilful intransigence.
At the moment there are more than 30,000 claims outstanding for allegedly mis-sold policies, with many of those affected left to manage the tens-of-thousands of unnecessary pounds of repayments on these schemes.
It is something of a scandal in itself that since launching the official £2.5 billion compensation scheme five months ago, only £500,000 has been paid out. Sure, there may be many claims to come but when the problem with mis-selling was founded on questions of honesty it would be nice to think that banks might be honest with themselves about the claims they are facing and simply pay out where payment is merited.
And if the Payment Protection Insurance scandal is anything to go by, there is every indication that the interest rate swap agreement mis-selling scandal will continue to run and gather costs for some time. Busy times indeed for professional negligence lawyers.General