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<p>We have asked the Chief Executive of the Financial Conduct Authority (FCA) for
an assurance that redress offers which take the form of a substitute hedging product
are only being offered where it is fair and reasonable to do so. In response, the
FCA has said that robust oversight and challenge processes are in place to ensure
that this is the case and that a replacement product offer can only be made if an
independent reviewer is satisfied that there is sufficient evidence to support the
decision.</p><p>In addition, my officials liaise regularly with the FCA to draw the
regulator’s attention to swaps redress cases that have been raised with the department
where we think this is justified.</p>
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