Professor Philip Lane:

We have seen a lot of cases across a number of institutions, which is why we have had a comprehensive examination. There is a systemic and widespread aspect, but the issue is complicated in that it manifests itself in different ways across different institutions, different periods of time and different categories of customer. Sometimes it is a systemic issue which is straightforward and an issue which repeats itself across all institutions. Unfortunately, the reality in the tracker mortgage universe is that there are a lot of variations of this common problem. That is why because of the differences it requires a comprehensive approach and will take time.

Underneath it all is a cultural issue, as I believe I tried to say in my opening statement. Essentially, it is interpreting contracts in favour of the lender, not the customer. That is the ultimate core systemic issue.