Professor Philip Lane:

What is the point of this examination? The point is to achieve redress and compensation for those affected. We have been trying to be as effective as we can in the interest of the affected customers. This means the balance between imposing short deadlines, on the one hand, and saying we do not accept what is happening and pushing back, on the other, must be struck in the interest of those harmed. The push-back is in the interest of those harmed. That is one dimension.

A second dimension, on which I agree with the Chairman, is that some banks did not take this sufficiently seriously. This has been a big negative in the behaviour of some of the banks, but we continue-----