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Report on UK interest rate hedging products scandal expected by summer

( March 11, 2021, 11:09 GMT | Official Statement) -- MLex Summary: A long-awaited report on the misselling of interest rate hedging products by banks to small businesses — and the UK’s supervisory intervention — should be published this summer, the Financial Conduct Authority said today as it confirmed receipt of the draft report from the independent reviewer. The review, by John Swift, was commissioned by the FCA’s non-executive directors in June 2019 following scandals relating to product misselling in the previous seven years. The FCA said it has provided Swift with around a million documents to aid with the review, which was initially expected to be completed earlier, but has been delayed due to the large number of documents as well as the Covid-19 pandemic.The statement follows...

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