FCA interest rate hedging product sales review
The Financial Services Authority (now the Financial Conduct Authority (the “FCA”)) instigated an industry-wide Review in 2012 of the sale of certain interest rate hedging products to small and medium sized businesses. AIB Group (UK) p.l.c. voluntarily agreed to take part in this Review and the Bank appointed Independent Reviewers, approved by the FCA, whose role was to oversee the Review exercise in order to ensure fair and reasonable redress assessments for customers, where appropriate.
Closure of Review
The FCA publicly announced that the Review would close to new entrants on 31 March 2015. The Bank formally closed its Review on 29 February 2016 having concluded all but a very small number of Review cases, which are currently in the process of being finalised.
For customers that may have a query relating to the Review, please direct these to the Customer Care Unit at Allied Irish Bank (GB), 26 Finsbury Square, London EC2A 1DS or by email to firstname.lastname@example.org. Given that the Review has come to an end, all queries will be dealt in accordance with the Bank’s standard procedures and without oversight from the independent reviewer.
Further general information can be found in the frequently asked questions section of the FCA website.