Banks' payouts over mis-sold controversial interest rate swaps under the regulator’s compensation scheme hit £158.6 million in December.
Financial Conduct Authority (FCA) director of supervision Clive Adamson (pictured) said: ‘Banks have picked up the pace since November; we asked that they focus their efforts on making far more rapid progress in assessing individual cases and crucially in providing redress.
May remains the target for all offers to have been sent out and the banks involved are working towards that. Any affected business that has been invited to join the scheme and hasn’t needs to act now so they can redress they’re due.’
The FCA said banks’ projections for completion of their reviews show they remain on track to provide a redress determination to all customers within 12 months of starting their reviews.