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The Financial Conduct Authority (FCA) has today published the independent lessons learned review by John Swift QC, which considers the FCA’s supervisory intervention on Interest Rate Hedging Products (IRHP).
The report is the culmination of over two years of work, in which the Review team considered around a million documents and conducted dozens of interviews with stakeholders. It sets out a full account of the legal and regulatory context, and the history of the FCA’s intervention, before reaching detailed findings and making 21 specific recommendations for the FCA.
The Report is available here.
John Swift QC was assisted by Nikolaus Grubeck and Kristina Lukacova as well as by an Ashurst LLP team led by David Capps and by Kemp Communications.
The Review has been covered in: The Times, Financial Times, Bloomberg, The Guardian, Reuters, The Times, Market Screener