The FCA has updated its webpage on banks’ reviews of sales of interest rate hedging products (IRHPs).

The banks appear to be on track to provide redress determination to all customers within 12 months of commencing their reviews. For the deadline to be fully realised, however, it will depend on the remaining 1,400 customers who have yet to opt-in to the review. In light of this, over the next few months, the banks will continue sending out final reminders to customers to encourage them to participate before the review is closed to new entrants.

View Interest rate hedging products, 8 April 2014

View Projected redress determinations as % of customers who have opted-in to the review, 8 April 2014

View Progress of sales through stages of the review as at 31 March 2014, 8 April 2014

View Number of sales at each stage of the review, 8 April 2014