Skip to main content
Home
Panorica

Main navigation

  • Home
  • Automotive
  • Technology
  • Business
  • Transport
User account menu
  • Contact

Breadcrumb

  1. Home
  2. Business
  3. British lawmakers want a judge to look into the hedging scheme

British lawmakers want a judge to look into the hedging scheme

British lawmakers want a judge to look into the hedging scheme

Lawmakers are trying to get a judge to overturn a decision not to expand a British redress scheme for businesses that were mis-sold interest rate "hedging" products. They say that this allowed banks to cut compensation payouts by 10 billion pounds, which is a lot.

Nine banks paid out 2.2 billion pounds ($3 billion) to small businesses that were mis-sold products from 2001. The redress arrangement was set up nearly a decade ago.

That is not what an independent review said last month. Instead, it noted that excluding about 10,000 sales of the products, which were meant to protect companies from rising interest rates, was an "inadequate regulatory response."

If you buy something at a lower rate, you will have to pay a lot more for it. This can be tens of thousands of pounds.

According to the review, people who make more than 6.5 million pounds a year, have a balance sheet of more than 3.26 million pounds, or have more than 50 employees can not be part of the scheme. The FCA agreed to this after some banks told them to.

There was no reason why the regulator agreed to the change, and the review found it did not say why.

"The regulator does not have any proof to back up their decision, and they can not even remember why they excluded so many victims. They made it easier for banks to cut up to 10 billion pounds off their compensation bill, which means they could pay less.

In December, FCA CEO Nikhil Rathi said that more action would not be appropriate or proportionate. The group said it had asked Rathi to think about what he said.

This means a judge will look into whether or not a public body made the right decisions. It said it was now applying for a judicial review.

They said that when they were selling products and setting up a voluntary redress scheme, it was very different from now. As a spokesperson said, "We have agreed to many of the recommendations made by the independent review." @via Reuters.

Image gallery
small businesses
small businesses

Category

  • Business

Labels

  • Small businesses
  • independent review
  • Interest rates
  • Log in to post comments
avatar
By graybookmarks, 16 January, 2022

Companies that benefit from commercial auto insurance

Commercial auto insurance is a type of coverage that helps secure vehicles used for business purposes, such as automobiles, trucks, and buses. Commercial auto insurance was created to meet the… Continue reading...

Companies that benefit from commercial auto insurance

2022 was Peugeot's most electrifying year yet

Peugeot had a good year, especially in the field of electric vehicles. More than half of all new passenger cars registered in Germany were electric. This is a big jump from the year… Continue reading...

2022 was Peugeot's most electrifying year yet

The new Renault E-TECH models are launched on the Latin American market

Renault has been designing, developing, engineering, manufacturing, and selling EVs for over ten years, and there are now more than 450,000 pure electric vehicles on the road around… Continue reading...

Renault Kangoo Van E-TECH Electric

Mercedes-Benz has started rolling out its own global charging network

This year, Mercedes-Benz will get the ball rolling on the construction of its very own global charging network. It is anticipated that more than 10,000 chargers will be operational… Continue reading...

Mercedes-Benz global charging network

Sales of the Citroen Ami electric car are doing well!

The Citroen Ami electric car has become two years old! Nevertheless, the license-free and electric car, introduced in 2020, piques people's interest today. Its unusual appearance… Continue reading...

Sales of the Citroen Ami electric car are doing well!

Opel and Jung von Matt have formed a new partnership

Opel will soon partner with a new global creative agency: Jung von Matt HAVEL will begin working with the German automaker on January 1, 2023. The relationship encompasses all… Continue reading...

Opel and Jung von Matt have formed a new partnership

GM wants to use self-driving electric cars in the US

GM wants clearance from the United States to deploy self-driving vehicles.  General Motors and its self-driving technology subsidiary Cruise have petitioned US authorities for… Continue reading...

GM wants to use self-driving electric cars in the US

In 2022, Volkswagen delivered 572,100 electric cars to consumers worldwide

Volkswagen has recently released corporate and core brand sales figures. Electric car sales have climbed dramatically in each scenario, but full-electric vehicle production is still… Continue reading...

Volkswagen delivered 572,100 electric cars to consumers worldwide

Stellantis invests in the change of Italy's industrial activities

Stellantis announced two more substantial projects in Italy that are part of its industrial line-up. These are meant to move the company's global electrification value chain forward… Continue reading...

Stellantis invests in the change of Italy's industrial activities

Fiat 500 electric car wins two "Best Cars 2023" awards

The Fiat 500 electric car maintains its unbeaten record into the new year, adding another victory to its tally. In the competition for the "Best Cars 2023," this model took home two… Continue reading...

Fiat 500 electric car
Panorica

Popular stories

Noiva Do Cordeiro is inhabited only by women

Noiva Do Cordeiro

The exceptional XEV Yoyo is a small electric vehicle that costs less than 11,100 euros

XEV Yoyo is a small electric vehicle that costs less than 11,100 euros

Alfa Romeo has registered the highest market share in the last 3 years

Alfa Romeo Tonale

Sales of the Citroen Ami electric car are doing well!

Sales of the Citroen Ami electric car are doing well!

The Skoda Vision 7S concept announces a new 7-seater electric SUV

Skoda Vision 7S electric SUV

The new Fiat 500C Dolcevita Edition and Fiat 500X Dolcevita Edition with hybrid drives

Fiat 500C Dolcevita Edition

How much money does Alexis Bledel make each year?

Alexis Bledel

The new Skoda Fabia has the same platform as Seat Ibiza and VW Polo

The new Skoda Fabia has the same platform as Seat Ibiza and VW Polo

Fiat is the Stellantis brand with the highest sales volume

Fiat is the Stellantis brand with the highest sales volume in 2022

The new Skoda Fabia with a 95 hp 1.0 TSI petrol engine for 12,900 euros

Skoda Fabia

Categories

Automotive (86)

Business (66)

News (53)

Technology (34)

Transportation (21)

Partners

EV stories
RSS feed

Panorica.com · 2023 · Privacy Policy·Powered by Contabo: Powerful VPS XL SSD

Powered by Drupal