Professor Philip Lane:

To repeat, we took this issue very seriously. We take the perspective of the consumer entirely, subject to the limits of the regulation. All of the terms and conditions included in the contracts were studied by us and our advisers. It is not a question of discounting or ignoring. They were studied intensely and a large amount of work went into the decision. We disagree with the Deputy. Our role as regulator is focused on solving the systemic element, but that does not rule out the fact that in an individual case there may be extra pieces of information. An individual may have additional correspondence with a bank or a broker. He or she may have recorded conversations or a record of interactions with members of staff. I know from other sources that many people might be unhappy with this outcome, but we have taken it as far as we think we can go, subject to the regulatory framework, and have left the door open, through the appeals mechanism, for those who want to bring forward additional information. I respect the fact that there are differences of view. It is clear that is the case, but we have pushed it as far as we can.