FSA has updated on progress in the exercise it agreed with major banks to review sales of interest rate hedging products to SMEs. FSA is inspecting the reviewers appointed by banks, to ensure they have no conflicts of interest and are independent. FSA has also required banks to develop a methodology on how to conduct the past business review and redress. Banks must also run a pilot exercise. The objective is to ensure banks have a robust process in place to ensure fair treatment for all customers who could have been affected by mis-selling. (Source:Information on Interest Rate Hedging Products)