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John Swift QC will carry out the review of the redress scheme for Interest Rate Hedging Products, which is expected to last 15 months.
Raj Parker will to carry out the review of the regulation of firms involved with the Connaught Income Fund Series 1, which is expected to last 9 months. The review will not prejudice the remaining aspects of the ongoing enforcement investigation.
We have also published the Terms of Reference for each of the reviews which outline the issues that will be covered by the reviews.
Subject to any legal constraints, we intend to publish in full the reports prepared by the Independent Reviewers.
More details can be found on the dedicated pages listed below.
Commenting on the announcement, Charles Randell, FCA Chair said:
‘These reviews will look at the approach, judgements and processes of the FSA and subsequently the FCA. Both John Swift QC and Raj Parker bring with them the necessary independence and extensive experience for the task. The FCA will ensure that the reviewers have the access and support they need to conclude their work as quickly as possible.’
Biography of John Swift QC – John Swift QC is a barrister and was Head of Monckton Chambers from 1999-2002. From 2014-2019 he was the first Chairman of the Enforcement Decision Panel of Ofgem, the Energy Regulator. Over the same period he was a member of the Case Work Committee of Ofwat. He has been a member of the Determinations Panel of the Pensions Regulator since 2017. His experience of Regulation goes back to 1993-1998, when he was the first Rail Regulator, and the Cooperation and Competition Panel for NHS funded services (2008-2013). He is a graduate of the University of Oxford and the Johns Hopkins School of Advanced International Studies and is a Fellow of the Chartered Institute of Transport and Logistics.
Biography of Raj Parker – Raj Parker is an associate member at Matrix Chambers and a part time Judge and arbitrator. He has conducted numerous investigations into governance and conduct issues in many different sectors for over 30 years. In particular he has extensive experience in financial markets and regulatory investigations. Prior to joining Matrix he was a Partner at Freshfields for 23 years where he specialised in international commercial and financial services dispute resolution.
Notes to editors
- On 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.