Professor Philip Lane:

Yes. Coming back to the regulatory set-up, this is why it is more effective to recognise the redress power - it is redress and not compensation - only applies from 2013 onwards. We share and identify the same set of concerns as the members regarding the damage done to so many individuals. This is why we think we are right in what we are doing in pushing the banks to set up these schemes in advance of invoking the kind of legal framework of the ombudsman and the courts. We want them to move more quickly, generously and broadly. I will not disagree with the Chairman as the moral case for these banks comes not just from us as the regulator to push them. The work of the committee is proving to be effective and the Government can say what it is like for these customers. Consumer groups are also involved. All the attention should be directed to the decision makers in these banks, as they are responsible for-----