The independent review into the Financial Services Authority (‘FSA’)/Financial Conduct Authority (‘FCA’)'s supervisory intervention on Interest Rate Hedging Products is currently underway. The Review will provide an assessment of the former FSA and now FCA's actions relating to their Interest Rate Hedging Product Redress Scheme and set out the lessons that should be learned from the Review.
Below is an announcement from John Swift QC, the Independent Reviewer.
‘I am responsible for conducting an independent review into the FSA/FCA's supervisory intervention on Interest Rate Hedging Products ('IRHPs').
‘Terms of Reference (which are available at: https://landmark-phase.live/publication/corporate/terms-of-reference-interest-rate-hedging-products.pdf%3Cspan class="print-footnote">[1]) describe the nature of my review and the specific questions I am considering.
‘I have received a number of representations on matters relevant to my review already. I am writing to invite anyone affected by or involved with the FSA/FCA's IRHP Redress Scheme ('the Redress Scheme') to let me have any representations/views in relation to the issues raised in my Terms of Reference.
‘As described in the Terms of Reference, my 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.
‘I would be grateful if any such views can be shared with me by 31 January 2020. Any such views should be expressed in writing and emailed to me at: [email protected].’
Notes to editors
1. Find out more information about the FCA[2].