Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of reviewing the use of (a) interest rate hedging and (b) swap-like products in connection with fixed rate loans products by Ulster Bank in Northern Ireland.

In June the High Court granted permission for a legal review of the Financial Conduct Authority’s (FCA’s) handling of the compensation for victims of the mis-selling of Interest Rate Hedging Products (IRHPs). A final hearing is expected to take place in 2024. In the meantime, I hope you can appreciate that it would not be appropriate for the Government to comment on an ongoing legal case.