Ms Derville Rowland:

We effected many changes as a result. I am saying it is a question of the right product being sold in the correct way to the right customer to meet his or her needs. It would be no good if cashback, as happened in the bad old days, pre-crisis, was putting cars outside the front door, but there may be an argument that people understand it is for essential necessities such as a washing machine or some of the very basic items. The cost of that credit must be clear and it should not be mis-sold. Sometimes it is not a question of the product being sold but making sure it is sold properly to confer a benefit on the right customer, which is just as important. Eradicating that product may not necessarily result in cheaper mortgages across the board for all.