Earlier this week, we published the latest such update, which was provided to the Committee. We have also set out principles for lenders to pay appropriate redress and compensation to affected customers, commensurate with the consumer detriment. Among other important aspects, the principles provide for an up-front payment to enable borrowers to take independent advice regarding the redress and compensation offers made to them.
The appeals process ensures that customers have the option to challenge any aspect of the redress and compensation. Customers can accept the redress and compensation offered and still make an appeal, since their offer cannot be reduced by virtue of lodging such an appeal. In addition, customers have the option of bringing a complaint to the FSO or initiating court proceedings.