Professor Philip Lane:

I totally disagree. The current strategy is delivering for many people considerable payments for 2008 to 2013. There are many years before 2013 and if we just consider that period, much compensation due to customers would not be pursued. Our strategy is to consider the entire matter, from the issue of contract to now. It is going to deliver for many people. Yes, it will be too slow and I fully accept that. We think the strategy has worked with respect to some lenders already to a large degree. With respect to other lenders, it is coming soon. With the remaining cases, the first best option is for the bank to agree and accept that where there is ambiguity, it should be resolved in the favour of the consumer. That will be the most pragmatic and practical way to ensure people receive these payments.