On 19 April 2013 the FCA announced that Santander UK plc had reached an agreement with the FCA to contact more than 270,000 borrowers in the coming months in respect of information it provided before raising the cap on its mortgage standard variable rate in 2008. Concerns had arisen, during the ongoing supervision of Santander, that the information provided to customers regarding the operation of the cap may not have been clear. The letters to affected customers will explain what happened and will invite them to complain if they feel they have suffered any detriment. The FCA considers it “likely that only a minority of borrowers will be entitled to redress”.