Professor Philip Lane:

One can either have an early deadline and a bad job or look at the practicalities of what can be achieved while delivering a comprehensive outcome, which is why the September 2017 deadline was given. Various banks moved ahead of that but various others resisted the scale of the cohorts to be included, as well as the nature of redress and compensation. There was a long and continuous engagement with the banks on the final deadline but a lot was also done before that. It was not that nothing happened before 30 September 2017. Some banks moved as quickly as possible and others less so.