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The latest figures
Click below to see the number of sales at each stage of the review. In response to feedback from customers, we have included granular information about sophisticated customers, customers who have not opted in to the review, and about the types of alternative products that some customers are being offered as redress.
Number of sales at each stage – overall view
Number of sales at each stage – bank-by-bank view
Progress by bank – projection vs actual
This table summarises the banks’ progress and the position at the end of March:
|
|
Aug |
Sep |
Oct |
Nov |
Dec |
Jan |
Feb |
Mar |
|
Joining the review |
|
|||||||
|
Sophistication assessments completed |
80% |
90% |
94% |
98% |
99% |
100% |
100% |
100% |
|
Customers invited to join review |
15,000 |
16,000 |
17,500 |
18,400 |
18,700 |
18,700 |
18,800 |
18,800 |
|
Overall customer opt-in rate |
50% |
65% |
70% |
76% |
78% |
81% |
83% |
84% |
|
Compliance |
|
|||||||
|
Compliance assessments complete (% of customers who have opted in) |
8% |
12% |
25% |
34% |
48% |
57% |
67% |
79% |
|
Overall rate of non-compliant sales |
93% |
95% |
95% |
95% |
96% |
96% |
96% |
94% |
|
Redress |
|
|||||||
|
Customers in redress phase |
1,950 |
2,600 |
4,100 |
6,100 |
7,500 |
9,000 |
11,700 |
13,400 |
|
Redress determinations complete (including compliant and non-compliant sales where no redress is due) |
500 |
950 |
1,850 |
3,300 |
5,200 |
7,000 |
9,400 |
11,100 |
|
Redress determination letters sent (including compliant and non-compliant sales where no redress is due) |
250 |
500 |
1,300 |
2,600 |
4,600 |
6,400 |
8,400 |
10,500 |
|
Outcomes |
|
|||||||
|
Offers accepted (‘full tear up’ and alternative product offers) |
10 |
32 |
125 |
547 |
1,040 |
2,092 |
3,430 |
4,573 |
|
Redress paid |
£0.5m |
£2.0 |
£15.3m |
£81.2m |
£158.6m |
£306.3m |
£482.0m |
£598.4m |
|
Outcomes where no redress is due (including compliant sales) |
78 |
112 |
253 |
438 |
672 |
682 |
962 |
1,485 |
The banks’ projections for completion of their reviews can be seen in the third link above. The banks remain on track to provide a redress determination to all customers within 12 months of starting their reviews. Lloyds and RBS have already taken steps to resolve the gap between their actual and projected position at the end of March, and are back on track to hit the May target. Bank of Ireland and Co-op have now completed this phase of the review.
However, the banks’ ability to deliver against their projections will also require timely engagement from customers. We would like to encourage the 1,400 customers yet to opt-in to the review to do so as quickly as possible.
Over the next few months the banks will continue sending out final reminders to customers to encourage as many as possible to participate, before the review is closed for new entrants.
Background
- Further information on the Interest Rate Hedging Products’ redress scheme can be found on the FCA’s website.
- On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers
- You can find more information about the FCA, as well as how it is different to the PRA, on our website.
