Statement on the monthly update of the interest rate hedging products redress scheme

Published: 06/12/2013     Last Modified: 06/12/2013

Clive Adamson, director of supervision at the FCA said:

"I welcome the fact that these figures show the pace of the banks’ reviews continuing to increase and more businesses and customers are starting to receive compensation payments, but we will keep the pressure on to ensure they continue to move as quickly as they can.

"Last month we wrote to the CEOs of the four major banks to re-assert our expectation that redress should be delivered to customers quickly and to agree practical ways to speed up the process. The banks’ responses have been positive, with three of the four major banks saying to us they now expect to complete all initial redress determinations by May 2014.

"I am also pleased that eight out of the nine banks in the review have now agreed to split payments for initial redress and consequential loss. This change should simplify and speed up the process for paying basic redress to customers."

View the latest figures on the Interest Rate Hedging Product redress scheme.

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