News in brief: Banks ‘too slow’ on small-firm payouts, Tate & Lyle soured by cold US weather, Swiss watchdog in forex probe

Banks have paid out just £2 million of the £3 billion they have set aside to compensate small firms who were mis-sold complex interest rate hedging products, the Financial Conduct Authority said today.

“Progress has been slower than expected. Many customers have been waiting too long to find out if they were mis-sold, some for more than six months,” the regulator said.

Tate & Lyle soured by cold US weather

A cold spring in the US hit first-half profits at Tate & Lyle as consumers across the Atlantic stayed away from soft drinks, the sweetener maker said today.

The company said it expected adjusted operating profit for the six months to September 30 to be lower than in the same period last year, but also forecast another year of profitable growth.

Swiss watchdog in forex probe

A number of Swiss banks are being investigated over the possible manipulation of foreign exchange rates, the country’s financial markets watchdog announced today.

Finma revealed that it was “co-ordinating closely with authorities in other countries as multiple banks around the world are potentially implicated”, but gave no details on the identity of the lenders involved.