The FCA have published charts showing the progress of the review of interest rate swaps.
The charts show that out of a review population of 29,789 there are 438 customers who have been notified of the outcome of their review. Out of those 438 customers 32 customers have accepted offers of redress totalling £2 million. Our experince of the review so far is that it is moving slowly and the figures reflect this view. One bank recently admitted that, due to "technical difficulties", they were yet to send out the recording of a fact-finding meeting that we attended with our client in early July
The FCA does note in this recent update that it expects the number of offers to increase rapidly in the next few months.
10,509 sophisticated customers
Around 35% of the review population (10,509 customers) were classed as "sophisticated" and therefore outwith the scope of the review. This will be very disappointing if the swap is still harming the business and the customer has no other form as recourse due to factors such as their court claim being timebarred.
Some customers must "opt in" to review
5,021 (out of 14,194) customers in the review population who have Category B Sales (i.e customers with swaps and simple collars) are yet to opt in to the review process. Many customers may not have realised that they have to actively notify the bank that they want the sale of their product to be reviewed.
If you would like assistance with the FCA review process or more information on interest rate swap mis-selling please contact us.
Liana Park, Solicitor, Dispute Resolution