Professor Philip Lane:

I agree it is very frustrating for many people that there is a big information gap. The nature of this comprehensive approach is that banks are trying to come up with policies that treat all customers fairly. The banks ask to be told of concerns about individual accounts but they are working from the full universe of all accounts. They then have a cohort who took mortgages out in 2006 when there may have been an issue with an incorrect rate or being moved off a tracker onto an incorrect rate. Month by month, I hope that more cases get finalised. Only when the bank feels ready to announce it has a policy for this large group of people will it ride out and announce its rewards. If people do not like what they are receiving, there is a wave of appeal mechanisms available to them. Unfortunately, it is taking time. One might imagine that any one complaint could be handled promptly. However, when that complaint is folded into a very large examination, it does lead to delay. It is frustrating but our intention is that this will conclude with all of these cases being dealt with. Moreover, it does not mean waiting to the end. As a cohort is dealt with, then redress and compensation should be paid. A significant number have received redress but not a majority.