The FCA Review into mis-sold derivatives (Interest Rate Hedging Products or IRHPs) was instigated by Abhishek Sachdev providing information to Harry Wilson who worked at The Telegraph at the time in December 2011.
The FCA also asked Abhishek Sachdev and Martin Berkeley to advise them on setting up the Review scheme, since both Abhishek and Martin are FCA authorised to advise SMEs on derivatives.
Whilst large parts of the Review scheme were known and understood by the Vedanta Hedging team, for the first time, the Treasury Select Committee has forced the FCA to reveal details of the scheme.
There is a lot of information that can help SMEs challenge their redress decisions, and it is clear that the Banks tried (and were successful) in encouraging the FCA to ‘water-down’ the Review scheme.
The documents can be found here:
Pro Forma Agreement and Undertaking (June 2012)
Supplemental Agreement (01 02 2013)