Ms Derville Rowland:

The Belfry issues arose before the regulatory frameworks as they are today came in. We engaged with the lender to bring an approach that we thought was up to date with the way that we expect banks to behave towards their customers. It adopted an approach that we challenged it on. We were working on a basis where there was no regulation to compel it to do so, but we thought it was the correct approach. I have nothing to add with respect to Belfry as well. It is in line with what the Governor says. A lot of progress was made.

I am not saying it was perfect and there was litigation. But a broader approach was applied, rather than everyone having to go to the court. That has helped a lot of the customers in Belfry. If the Chairperson has residual concerns in this regard, it may be that not everyone is happy in Belfry, but a significant amount of redress has been afforded to customers. There was no set of powers or requirements for it to happen by way of rules and requirements but we brought our consumer lens to that approach and a lot of outcomes have been delivered for most of the people in Belfry. It may not be a perfect answer but we believe it delivers a significant benefit to the customers.