Professor Philip Lane:

The best or most likely result is that many people will receive redress and compensation as a result of the tracker examination, which also encompasses an appeals process. There are extraordinary situations, such as those the committee heard last week, where the severity of loss may be such that the affected customer may reasonably want to test whether the amount of compensation is sufficient by bringing their case to the ombudsman and, if they are still not satisfied, to then resort to the courts system. There are many options for those affected but the hope is that, although the examination process is still too slow, it will deliver an upfront payment sooner rather than later. Approximately 3,000 people have already received a payment and approximately 13,000 more will be paid in the coming months. This in no way damages or restricts a person's option to take the payment and still bring his or her case to the ombudsman and the courts. Consequently, this gives many layers of redress or recourse for those affected. We are not saying that people should immediately go to the ombudsman. They should consider the redress and compensation offer they receive from the bank, take the independent advice, which will be paid for under this mechanism, and at that point make a decision. I imagine the independent advisers, who have been very involved in helping people deal with this issue, will be able to help people work out if the offer is sufficient or if they should go to the ombudsman to seek more compensation.