On 20 June 2019, the FCA announced that it had appointed independent reviewers for the lessons learned reviews commissioned by the FCA’s board. One review will cover the redress scheme for interest rate hedging products and the other will cover the regulation of firms involved with the Connaught Income Fund Series 1.

John Swift QC will carry out the review of the redress scheme for interest rate hedging products, which is expected to last 15 months. Raj Parker will carry out the review of the regulation of firms involved with the Connaught Income Fund Series 1, which is expected to last 9 months. The review will not prejudice the remaining aspects of the FCA’s ongoing enforcement investigation.

The FCA has also published the terms of reference for each of the reviews which outline the issues that will be covered by them.