FCA has published its first four-month update on banks' review of their sales of interest rate hedging products. Martin Wheatley said 85% of cases are now under review, but it is critical that any redress due is paid quickly. FCA expects that most customers will be informed of the result of their review, and of any possible basic redress, by the end of the year. The report says that, by the end of August, banks had sent out 210 offers of redress, of which 10 have been accepted. A further 1,700 offers are due to go out shortly. FCA has published charts plotting the progress of the review. (Source: FCA Updates on Interest Rate Hedging Review)