Interest Rate Swap Transactions

(asked on 8th September 2015) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether Ministers in his Department met representatives of the Financial Conduct Authority (FCA) to discuss the FCA interest rate hedging products redress scheme in January 2013.


Answered by
Harriett Baldwin Portrait
Harriett Baldwin
This question was answered on 14th September 2015

Whether the Financial Conduct Authority (FCA) made an estimate of the potential liability of any banks is a matter for the FCA. However, it is reasonable to assume that for any conduct issue that arises, the FCA would seek to understand the potential financial impact.

Several meetings took place between Treasury Ministers and the FCA in January 2012 (then the Financial Services Authority), although I understand that FCA’s interest rate hedging products redress scheme was not on the agenda for any of these meetings.

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