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Treasury Select Committee criticises FCA IRHP Review scheme (interviews Vedanta Hedging)

The Treasury Select Committee has criticised the FCA IRHP Review scheme for mis-sold derivatives to SMEs.

Martin Berkeley of Vedanta Hedging has been quoted in this report regarding the expensive pricing applied to replacement products offered in the Review process (which then reduces the redress that SMEs receive).

Vedanta Hedging has been asking for independent oversight of the process for more than 2 years. This is because we understand how the Banks have been able to manipulate the rules of the Review scheme, since we ourselves are FCA authorised to advise on these products.

Martin’s quote is below:

Martin Berkeley of Vedanta Hedging, a derivatives consultancy, said “the replacements are quite expensively priced and are often not particularly suitable or perhaps what a client would have chosen”

The full report can be found here:

Conduct and Competition in SME lending

 

 

 

Nadia Patel

Nadia has a degree in Business Management and a Diploma for Financial Advisers (Level 4). She has ten years of experience in financial services. This includes FSA regulated adviser roles in HSBC, Halifax and Nationwide. As senior manager at Vedanta Nadia is responsible for managing the office, client contact and marketing for the business.

Nadia Patel

Nadia has a degree in Business Management and a Diploma for Financial Advisers (Level 4). She has ten years of experience in financial services. This includes FSA regulated adviser roles in HSBC, Halifax and Nationwide. As senior manager at Vedanta Nadia is responsible for managing the office, client contact and marketing for the business.