Ms Derville Rowland:

Our aim was to offer a consumer focused, more user friendly approach as an additional option. It is true that it is in a moral suasion space but when we were putting together the consumer redress and compensation scheme we made every conceivable effort as lawyers and regulators to put the consumer at the heart of it. Where it is capable of being used, the money is received upfront, one keeps that money and can appeal the decision. If one does not like the answer one gets on appeal - it is not that we recommend this but these are the available options - in addition to that, one can go to the Ombudsman or to court, but it is preferable that matters are sorted quicker, simpler and easier through the use of an effective redress and compensation option at first pass without having to use those additional protections, but they are available if they are needed. It was seen as a complementary option. Our aim is for this to be sorted as quickly as possible.