Further details of Independent Investigation of Interest Rate Hedging Products announced

John Swift QC has announced his full independent support team is now in place to conduct the investigation into the FSA’s (and subsequently the FCA’s) implementation and oversight of the Interest Rate Hedging Products (IRHP) Redress Scheme.

John will be engaging with interested parties in an organised and structured way in order to address the issues which are relevant to his investigation. Individuals or represented parties affected by the Scheme are invited to contact the Independent Review team by sending an email.

John Swift QC said:

‘The Review into the implementation and handling of the IRHP redress scheme is now fully underway and we are keen to hear from anyone who was affected by it.

‘We will provide an assessment of the FSA/FCA’s actions relating to the redress exercise and set out the lessons, if any, that should be learned from the Review. A final report will be made publicly available as soon as is practically possible.’

On 20 June 2019, the FCA announced the appointment of John Swift QC to carry out the review and published a detailed Terms of Reference setting out the scope and parameters of the review. The Review is not intended to be a route by which the redress scheme or individual cases can be re-opened; nor is it intended to assess the appropriateness and reasonableness of individual offers.

Information relating to the independent investigation can be found on the Review of IRHP webpage, which will be updated regularly. This webpage also includes the protocol for the conduct of the investigation. 

Notes to editors

  1. Bio: John Swift QC is a barrister and Head of Monckton Chambers from 1999-2002. From 2014-2019 he was the first Chairman of the Enforcement Decision Panel of Ofgem, the energy regulator. Over the same period he was a member of the Case Work Committee of Ofwat. He has been a member of the Determinations Panel of the Pensions Regulator since 2017. His experience of Regulation goes back to 1993-1998, when he was the first Rail Regulator, and the Cooperation and Competition Panel for NHS funded services (2008-2013). He is a graduate of the University of Oxford and the Johns Hopkins School of Advanced International Studies and is a Fellow of the Chartered Institute of Transport and Logistics.
  2. On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). On 1 April 2014, the FCA took over responsibility for consumer credit regulation.
  3. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  4. Find out more information about the FCA.