FCA Protocols For Independent Reviews Of Regulatory Action Concerning IRHP And Connaught

On 14 August 2019, the FCA published two protocols in relation to lessons learned reviews commissioned by the non-executive directors of the FCA following the appointments of John Swift QC and Raj Parker as independent reviewers for the Interest Rate Hedging Products (IRHPs) review and the Connaught Income Fund Series 1 review respectively in June 2019.

The documents are as follows:

Protocol for the review on the redress scheme for IRHPs; and Protocol for the review of the handling of the Connaught Income Fund Series 1. Both protocols are identical aside from the titles and names of the individuals appointed to carry out the reviews. The protocols set out the procedures under which the review is to be carried out, including the reviewers ability to request information and explanations; meeting with individuals; legal privilege and confidentiality; the representations process; and governance and reporting.

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