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.

He also talks to us about the growing concern over embedded swaps and hidden liabilities.

For the full interview, check out IBTimes TV or the video on the top right hand side of this page.

Related Articles:
FCA's Martin Wheatley to Slam Banks for 'Inadequate' Speed of Mis-Selling Derivatives Redress

Mis-Selling Derivatives: Barclays Unveils Financial Distress and Redress Options

Mis-Selling Derivatives: RBS Installs Blanket Redress Payment System Before Consequential Losses

Mis-Selling Derivatives: Lloyds Pledges Redress Payments Before Consequential Losses

Mis-Selling Derivatives: HSBC Installs Two-Step System to Deliver Victims' Redress