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BBA: Banks must rebuild trust after swaps scandal

Banks "have to rebuild trust" of small firms following the interest rate swap scandal, a banking industry representative has claimed.

Small businesses were sold interest rate swaps by banks designed to help them if interest rates rose, but when rates fell some lost tens of thousands of pounds.

The Financial Conduct Authority told banks to identify customers and compensate them by May 2014, but some banks are still finalising the last few cases.

Irene Graham of the British Bankers' Association told BBC Radio 5 live's Wake Up to Money banks were working "very hard" to resolve the situation quickly with the "right outcome."

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