James Moore: Banks behind schedule as the forex review looms
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Your support makes all the difference.Outlook It seems banks are still well behind schedule with their review into the disastrous sale of interest rate swap products to small businesses.
Lloyds and RBS are badly behind where the projections say they should be. They still have a target of completion by May (as opposed to June for Barclays), but some experts reckon all of them will struggle. Not so, cries the FCA: they have taken steps to resolve the issue. Banks are actually rather keen to see the back of this one, given the other nasties that loom.
Larger companies outside the scope of the review have had to resort to legal action to get redress they may feel is due. Interestingly, Barclays has settled a case brought against it by Guardian Care Homes. We may see more of that in the weeks ahead, with the industry's real fear – the outcome of the aforementioned forex review – looming ever closer.
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