RegulationApr 27 2015

Court grants judicial review over redress scheme payouts

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Court grants judicial review over redress scheme payouts
ByDonia O’Loughlin and Ashley Wassall

One year later a pilot review of sales of interest rate hedging products by major banking groups to small businesses confirmed initial findings of mis-selling in this area, with over 90 per cent of 173 sales not complying with at least one regulatory requirement.

The nine banks which have since agreed to undertake full reviews of past sales are Allied Irish Bank (UK), Bank of Ireland, Barclays, Clydesdale & Yorkshire Banks, Co-operative Bank, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander UK.

A spokesperson for Barclays said: “Barclays remains committed to achieving an appropriate, fair and reasonable outcome for all customers which are subject to the review of its past sales of IRHPs. Barclays does not comment on individual offers of redress.”

The FCA declined to comment. KPMG could not be reached for comment at the time of writing.