FCA fails small businesses

 FCA fails to ensure meaningful redress for SMEs

The Treasury select committee has said the FCA had taken "far too long to co-operate" over the compensation scheme for victims of the mis-selling of complex interest rate derivatives. A letter published this week shows how the regulator altered the terms of the scheme under pressure from lenders. "The committee remains very concerned that terms of the FCA"s redress scheme may, in some cases, have provided banks with an opportunity not to provide meaningful redress. Many firms feel that this process has unfairly favoured the banks," committee chairman Andrew Tyrie said according to harris & Co accountants Northampton, the specialist small business accountants