Mr. Declan Reid:

There is nothing in here that changes the current level of protection a consumer enjoys if their loan is owned by a bank. The contractual provisions of, say, the mortgage still apply with respect to the interest rate. The customers still have the benefit of the unfair terms in consumer contracts legislation in respect of that loan and the intention of this legislation is to make sure they still have access to the Financial Services Ombudsman for any complaints around unfair movements in interest rates.