UK regulator behaved ‘unfairly’ over mis-selling scandal redress scheme, court told

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Financial Times 2d ago

UK regulator behaved ‘unfairly’ over mis-selling scandal redress scheme, court told - Financial Times

Quick Summary:

The FCA had opted for a voluntary redress scheme instead of enforcement action in part because it was likely to lead to “fair and faster redress than customers might otherwise receive”, he said.

The banks — Royal Bank of Scotland, Bank of Ireland, Barclays, HSBC, Lloyds, Allied Irish Bank UK, Clydesdale & Yorkshire Banks, Co-operative Bank and Santander UK — paid out more than £2.2bn in compensation.

However, John Swift KC was critical of the FSA in a report published three years ago into the regulator’s handling of the mis-selling scandal and the ensuing redress scheme.