LONDON, Dec 4 (Reuters) - A scheme set up by Britain'sfinancial regulator for banks to compensate small firms mis-soldcomplex hedging products lacks transparency, is inconsistent anddoes not give victims a proper right of appeal, lawmakers saidon Thursday.
British lawmakers were debating why thousands of customershad their claims for compensation rejected or were offeredalternative products.
"There is no confidence in this process. The whole point ofthe FCA (Financial Conduct Authority) is to protectunsophisticated consumers. They've manifestly let theseconsumers down," Conservative Mark Garnier told a parliamentarydebate on Thursday.
Garnier, a member of parliament's Treasury Select Committee,called on Britain's finance ministry to set up an independentreview of the scheme.
(Reporting by Matt Scuffham)