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In January 2013, the FSA published the results of a pilot scheme in an attempt to provide redress to individuals and businesses that were mis-sold interest rate hedging products.

The FCA reached agreement with Barclays HSBC, Lloyds Banking Group, The Royal Bank of Scotland and National Westminster Bank to provide appropriate redress where mis-selling has occurred, whereby the banks agreed to:

  • Provide fair and reasonable redress to non-sophisticated customers who were sold structured collars;
  • Review sales of other interest rate hedging products (except caps or structured collars) for non-sophisticated customers; and
  • Review the sale of caps if a complaint is made by a non-sophisticated customer duringthe review.

The exercise for each bank will be scrutinised by an independent reviewer and overseen by the FCA.

For help and advice please contact Phil Alden on 03333 231 586 or email us.

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