Professor Philip Lane:

There are different channels by which a customer who has been damaged can pursue a remedy. One can imagine a customer raising the matter with the Ombudsman and trying to sue the lender and in other jurisdictions such a matter might be resolved primarily through a court case. I believe this will prove to be quite effective for the Central Bank as the regulator using our regulatory powers, which are quite wide-ranging, to essentially avoid having all of these individuals taking court cases, which would be intimidating and costly for them. The Ombudsman framework can be effective. At this scale it is limited, whereas we can deliver a lot more through this framework approach.