March 12, 2015 / 3:40 PM / 3 years ago

UK finance ministry backs independent review of swaps redress

LONDON (Reuters) - Britain’s finance ministry said that it supported an independent review into a scheme set up by Britain’s financial regulator to compensate small firms mis-sold complex interest rate hedging products.

Parliament’s Treasury Committee on Tuesday recommended that the Financial Conduct Authority examines whether there were systemic failures in the review and said the process would benefit from independent oversight.

“I strongly support this suggestion and believe that oversight by a suitable non-executive director would be appropriate,” Britain’s junior finance minister Andrea Leadsom said in a letter to FCA Chairman John Griffith-Jones.

Reporting by Matt Scuffham

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