Dr. Colin Hunt:

Let me reassure the Senator that the lesson learned is "do not move too fast in front of your customers". There is an evolution going on out there. We will continue to offer a full range of services to our customers in multiple ways: in-branch, by phone and online. The choice will remain the customer's as to how they want to engage with us.

On the specifics of the simple versus compound interest question, we were applying the terms of the Financial Services and Pensions Ombudsman, FSPO, decision in that one case to the letter.

We applied the recommendation made in relation to that case not only to that single customer, but to the entire group.