FCA figures suggest true cost of rate hedge mis-selling
Settling complaints of mis-selling complex interest rate products could cost UK banks billions
Settling the first 10 cases of mis-sold interest rate hedging products has cost UK banks £500,000, but thousands more cases are still in the pipeline, with total costs likely to run into the hundreds of millions.
The UK Financial Conduct Authority (FCA) today released a report on the first four months of the review of potentially mis-sold interest rate derivatives, including structured collars, swaps, simple collars and caps. Major UK banks are reviewing 30,169 cases in which the products may
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