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Financial Services

Treasury written question – answered on 18th July 2013.

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Photo of Guto Bebb Guto Bebb Conservative, Aberconwy

To ask the Chancellor of the Exchequer what recent assessment he has made of the progress of the Financial Conduct Authority redress scheme for businesses mis-sold interest rate hedging products.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

The Financial Conduct Authority's review into the mis-selling of interest rate hedging products is now under way. Each bank has appointed independent reviewers who will assess each case to determine whether a customer was mis-sold these products, and if so, what redress is due. The FCA has recommended that, where possible, banks complete their full review within six months.

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