UK lawmakers release details of bank mis-selling redress scheme

LONDON, Feb 12 (Reuters) - British lawmakers published theterms of an agreement between the financial regulator and ninebanks in 2012 setting out how lenders should compensatecustomers wrongly sold complex hedging products, saying thedetails needed to be made public.

The Financial Conduct Authroity (FCA) has been criticisedfor not releasing details of the agreement with banks, and manyfirms have been unhappy with the compensation process.

"The (Treasury) Committee remains very concerned that termsof the FCA's redress scheme may, in some cases, have providedbanks with an opportunity not to provide meaningful redress.Many firms feel that this process has unfairly favoured thebanks," said Andrew Tyrie, the politician who heads the TreasuryCommittee. (Reporting by Steve Slater; Editing by Matt Scuffham)