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UK court dismisses lawmakers' case against FCA over bank redress scheme
Published by Global Banking and Finance Review
Posted on March 7, 2025
1 min readLast updated: January 25, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on March 7, 2025
1 min readLast updated: January 25, 2026
The UK High Court dismissed a legal challenge by lawmakers against the FCA regarding a £2.2 billion bank redress scheme involving interest rate hedging products.
LONDON (Reuters) - London's High Court on Friday dismissed a legal challenge brought by British lawmakers against a financial watchdog over the scope of a 2.2 billion-pound ($2.8 billion) bank redress scheme related to interest rate hedging products.
The Financial Conduct Authority (FCA) faced legal action over its response to an independent review of the scheme, under which nine banks – including Barclays, HSBC and Lloyds – agreed to pay compensation.
But the case, brought by Britain's All-Party Parliamentary Group on Fair Business Banking, was rejected by the High Court on Friday.
(Reporting by Sam Tobin; Editing by Catarina Demony)
The main topic is the UK High Court's dismissal of a legal challenge against the FCA over a bank redress scheme.
The case was brought by Britain's All-Party Parliamentary Group on Fair Business Banking.
The redress scheme involved compensation for interest rate hedging products, with nine banks agreeing to pay.
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