The FCA review into the mis selling of Interest Rate Hedging Products (IRHPs) that are standalone (as opposed to being embedded) was announced on 29th June 2012.
The up to date progress of the review can be viewed via the following links :-
FCA Review progress report (14th October 2014) :-
NCSG analysis of FCA Review progress report :-
At the time of writing, we conclude that the FCA review is wholly biased against affected businesses and that it has become what can be best described as a firewall to protect the banks from unmanageable claims. The scheme was in effect negotiated by the banks in collusion with FCA and the Cabinet. Who represented affected businesses?
It might be the case that it was fortunate for those of us with embedded swaps to have been excluded from the FCA review. At least there is a chance of a new review which works for affected businesses and not the bankers.
It looks like Ian Fraser might have been right :-
Simon Jaquiss ; Q A Legal
Simon Jaquiss ; QA Legal