Examples of material deficiencies included: Failing to offer compensation for certain impacted cohorts of customers; Unacceptably low offers of compensation; Unacceptably low payments for independent advice; and Failing to acknowledge certain types of detriment sustained by customers, for compensation purposes, including customers that switched lenders as a result of being on the incorrect interest rate.
As a result of our repeated challenges, lenders have significantly improved their redress and compensation proposals and their appeals processes. To end September 2017, € million has been paid in redress and compensation under the Examination.