Ms Derville Rowland:

As all the statutory deadlines have been met, no penalties have arisen for failing to meet them. In the case of the redress and compensation scheme, we have no power to order the compensation, but we have a timeline that we will continue to pressurise and challenge. It is in our interests to move this on as quickly as possible. I suggest it is also in the interests of the lenders. We have taken the time to challenge and to make sure the proposals that have been made and approved by the boards of directors of the lenders are the best they can be. I stand firm in my belief that we should continue to challenge the quality of those proposals. We expect that all the compensation schemes will be up and running before the end of this year. Some of them will have been completed by the end of the year. We expect the lenders to move through this process at pace. It is important for them to get it right as well as getting it done quickly. We expect most of the compensation and redress to be paid this year and into next year. We will have a further update for the committee early next year.