Professor Philip Lane:

I have to disagree. We are ultimately agreeing that a wrong was done here. The fact that a wrong has been done means we are going beyond what might be adjudicated in a court of law as being possible. We are saying that even in scenarios where banks think they have a legal defence, they should look beyond it at consumer interest so as to put forward redress and compensation schemes in a generous and wide-scale process. That is instead of forcing those who are damaged or affected by this to go to the ombudsman and the courts.