February 12, 2015 / 9:52 AM / 3 years ago

UK lawmakers release details of bank mis-selling redress scheme

LONDON, Feb 12 (Reuters) - British lawmakers published the terms of an agreement between the financial regulator and nine banks in 2012 setting out how lenders should compensate customers wrongly sold complex hedging products, saying the details needed to be made public.

The Financial Conduct Authroity (FCA) has been criticised for not releasing details of the agreement with banks, and many firms have been unhappy with the compensation process.

“The (Treasury) Committee remains very concerned that terms of the FCA’s redress scheme may, in some cases, have provided banks with an opportunity not to provide meaningful redress. Many firms feel that this process has unfairly favoured the banks,” said Andrew Tyrie, the politician who heads the Treasury Committee. (Reporting by Steve Slater; Editing by Matt Scuffham)

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