We have focused on the sales of interest rate hedging products since 2001, but the greatest volumes were sold in the period 2005-2008, before the base rate fell sharply to its current, sustained, historic low. During this period, some banks reduced the minimum loan value against which they were willing to offer interest rate hedging products, widening the target market of customers. A number of customers have complained, directly to us, through their MPs and the media, that they were mis-sold interest rate hedging products by the major retail banks. Many complainants indicated that they believed they were purchasing hedges with.
