McHale & Co. Solicitors Blog

Interest Rate Swaps –the Latest

I have been looking at the FCA data concerning the Number and progress of SWAPs claims that are going through the review. The first major thing to note is that the overall “Review population” is given as 29,183 which is lower than many people thought-the figure of 40,000 was the general consensus. The next big number that stands out is the fact that 10,212 of those in the review population have been assessed as “sophisticated” and are effectively out of the review. So that leaves 18,663 in the review.  Of these the combined total for those where “sales at redress offer and acceptance stage (i.e. redress outcome has been communicated to the customer)” is 4,307. It has to be borne in mind that a redress offer could include alternative product redress which may be effectively worthless. It’s a fairly poor show given that we are 18mths past the first FCA (than FSA) announcement that redress was on the way. If the banks are to comply with the FCA timescales they are going to pull their finger out and quickly.

Categories: Interest Rate Swaps

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