Javid and Osborne ‘lobbied to reduce mis-selling payouts to small business’

Independent review finds City regulator changed compensation rules after pressure from UK banks

Sajid Javid and George Osborne put pressure on the City’s financial regulator to reduce compensation payouts from big banks to small business victims of a mis-selling scandal, an independent review has found.

Britain’s biggest banks, including Barclays, HSBC, Lloyds and Royal Bank of Scotland (now NatWest Group), paid £2.2bn in redress payments to small business customers who had been missold complex financial products from 2001-2011. However, a review published on Tuesday by John Swift QC found serious failings in the regulator’s approach.

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