Ms Francesca McDonagh:

They will have one mortgage but they will be switching from a fixed rate or a tracker rate to a variable rate. They will be actively switching the features of their products. Just to give the Deputy an indication of the complexity, when we were looking at some of these cases, we saw one case where the customer had switched 17 times. Every time they switched, they got new terms and conditions. There were some quite complex customer journeys that we had to map and that added to the complexity in terms of the time it took to identify these customers.

Confusion about some of the terminology around the interest rate that was used was identified. A reference to tracker and non-tracker variable rates was not as clear as what one would think was ideal. That is the reason we included them for redress and compensation because the terminology had led to some confusion.