First stage of IRHP redress complete

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The first stage of a process – which has already lasted more than a year – to compensate the victims of mis-selling of interest rate hedging products (IRHPs) is now complete, the UK Financial Conduct Authority (FCA) has announced. As of the end of January, 100% of customers have completed a 'sophistication assessment', which determined whether the customers – generally UK businesses of various sizes – had the ability to understand the risks involved in the hedges. The