News Column

BBA Response to IRHP Figures from FCA

June 12, 2014

LONDON, June 12 -- The British Bankers' Association issued the following news release:

Commenting on today's FCA figures on interest rate hedging products, a spokesman for the BBA said:

"The banks have now written to almost all affected businesses advising them of the outcome of the review of their file. Nearly fourteen thousand of these customers have now received redress outcomes and over Pounds1 billion has been accepted.

"All redress outcomes have been verified by the independent reviewers appointed by the FCA. Every sum includes an additional payment of 8% to cover losses incurred by businesses, including loss of interest.

"Banks want to conclude the remaining reviews as quickly as possible and are working hard to make that happen."

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Source: Targeted News Service

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