Abhishek Sachdev, MD of Vedanta Hedging, was interviewed by Katherine Griffiths of The Times following an update by the FCA on its IRHP review scheme. This scheme is designed to help SMEs that have suffered from interest rate swap mis-selling by their banks.
Mr Sachdev comments on the size of the challenge for RBS, yet the worrying low provisions it has set aside thus far.
Mr Sachdev highlights the huge sums spent by the Banks so far in trying to reduce the amount of redress payable so far, and how the changing of the sophistication criteria has prevented further large costs for the Banks.
The article can be found here (paywall) on the The Times website https://www.thetimes.co.uk/tto/business/industries/banking/article3860240.ece
or a PDF version here Vedanta Hedging Times article 5th Sept 2013