BBA statement on FSA report on Interest Rate Hedging Products
Responding to the FSA report on Interest Rate Hedging Products, BBA Chief Executive Anthony Browne said:
"We are pleased that the FSA has reached agreement with the major banks to provide fair and reasonable redress for businesses affected. Since the problem was identified the banks have all worked proactively with the regulator and independent experts so that the issue can be resolved as swiftly as possible.
"The announcement today will give clarity to businesses and will enable the banks to put in place the steps needed to resolve each case for customers. Where customers have suffered unfairly the banks have all agreed that they will put it right.
"Banks will be contacting those companies affected shortly, prioritising those with the greatest need. Any business which is currently facing financial distress and is seeking a suspension of payments should get in touch with their bank immediately."