Ms Derville Rowland:

On the narrow issue, we have done work on the advertisements for initial discounts or cashback offers. There is a place for such offers, but it is important only to know that they are appropriate for some customers but not all, about which we have been very clear with lenders. For people to get the best value they can for themselves, we have tried to be very public and clear that there is a lot of benefit for many mortgage holders in shopping around and buying different mortgage products. They could save themselves a lot of money over the lifetime of a mortgage. Because of this, already in the consumer protection code we require lenders to communicate with their customers regularly on what other offers they have available that could save them money. We see some evidence that switching is increasing. Because we know that even more work needs to be done to help people who already have mortgages to get better value for themselves, we consulted last year and into this year on strengthening the code in the future in order that people who came off a fixed mortgage rate would have 60 days. I know that the Deputy responded in advance of that consultation on the options they would have when they came off a fixed rate in order that they could make sure they would look around to see what the best deal was. If they have a variable rate mortgage now, lenders will have to communicate with customers if it is available at a cheaper rate in a new loan to value statement. We are inserting a lot of requirements into the regulatory framework in order that the information will be delivered to the customers' door to make sure they will have the information to help them to look around to see if they can get a cheaper and better product. They are some of the improvements we think will help people. There is some evidence that they are increasingly taking to switching.