Professor Philip Lane:

The Chairman's comments reveal why this comprehensive examination has been necessary and why it shall prove effective compared with individuals trying to deal with a complaints procedure within an individual institution or collectively trying to use the Ombudsman's framework. We have a lot of effective instruments to hold these banks to account. It does take time because of the scale of the issue and the balance between the first priority of delivering redress and compensation for individuals and to back that up where we see violations of various codes through enforcement actions. We are in the middle of all of this. All I can say in response to these individual customers is that we are working on their behalf. Thousands of customers have received redress and compensation and more cases will be resolved over time. I hope that we can prove to be effective in helping to resolve these issues.