Vedanta Hedging's managing director Abshishek Sachdev is an independent expert on mis-selling derivatives but has also advised politicians over the scandal (Photo: IBTimes UK)
Britain's biggest banks have mis-sold derivatives to potentially 40,000 businesses but have only paid a meagre £2m in redress offers since the start of the scheme.
Despite the creation of the Financial Conduct Authority (FCA)'s interest rate hedging product review putting some form of procedure in place, for victims of mis-selling, experts have highlighted the flaws from the outset.
Fast-forward a year later and some banks have spent millions of pounds in administrative costs but have failed to offer one, single business an offer of redress.
Furthermore, the scandal has deepened as experts and politicians have revealed that a lot still needs to be done, in terms of tackling some very complex and concerning issues.
Speaking exclusively to IBTimes TV, Vedanta Hedging's managing director Abhishek Sachdev, who also independently advises a number of politicians on this subject, tells us about how banks are still raking in the profits from redress offers.