Pearse Doherty
Given that they are being overcharged at present, do you not have the powers under the 2013 Act do deal with them. (Great question.)
Rowland
Some timing issues
Rate rectification - those who have been identified, rate rectification has occurred in 98% of cases.
Others who no longer have a tracker...
Pearse:
You are in dispute with two banks about the inclusion of some cohorts - so do you not have the powers to impose a solution on them.
Rowland:
We would have to resolve that dispute. We would have to have it out on a factual legal basis. This would have to be resolved by the law.
Pearse: Can you name the two lenders?
Rowland: There is no power to order compensation in the 2013 act. We do have the power of redress, but that would be subject to the issue being legally resolved.
But we have to fully crystallise the dispute.
Lane:
If the banks say "We are in line with our contracts" we try to persuade them, rather than go into legal issues with them.
We can't say "We believe this, so therefore you must immediately change your policy. In most cases, the banks do concede to our views. It will be quicker if they agree."
Pearse
I am shocked that you tell us that you think some people are affected,but that the lender disagrees so all you can do is tell them to go to the Ombudsman.
Lane
The current strategy is delivering for the vast majority of customers. If we focused in on the post 2013, people would lose out between 2008 and 2013.
It has worked for most lenders. It will work for some others. We will have a few where we don't agree.
We have pushed back on many occasions, and have succeeded in persuading the lenders to our point of view.
Pearse: How many individuals are in those two banks
Lane: Significant. We can't give too much guidance.
Pearse: Is it in the hundreds or the thousands?
(Yet again the phones are interfering with the sound. Why don't they just tell them all to completely switch off their phones? update: turned out to be Lane's iPad.)
Lane: We are governed by confidentiality rules. When we agree a sanction, we do publish it. The banks can disclose, but we can't.