Ms Derville Rowland:

The Senator referred to the right rate as well as to her consumer protection rights. There are extensive requirements in the consumer protection code that are already in place about suitability and knowing the client. There is also lot of good work being done on disclosure of information to customers so that they can make an informed choice based on the information available to them.

Recently we have been doing work on switching and on transparency for mortgages so that all of the relevant information to help customers to make a good choice is provided. That is all very well and good as long as it is actually happening in fact and that is our clear expectation. My trust has been somewhat tested in the tracker mortgage debacle because I am firmly in the space of that post-crisis regulatory mindset of assertive, risk-based supervision which is "trust but verify". We have got to make sure that is translating into the customer experience and in the main, it is. While I cannot absolutely guarantee that the system is delivering perfectly I certainly know that there are really strong framework protections in place that should make it so. There are really good requirements developed around lenders assessing products as being suitable and affordable and being transparent about that information so that customers can make a good choice.