Mr. Matthew Elderfield:

All of those reviews examined the client asset controls but none found the fraud. I am not going to make an excuse for that but fraud is a really hard thing to find in client assets. All of the documents provided appeared to reconcile but they were false. It is difficult to freeze the company and go down to a full reconciliation of client assets. We have done that on a couple of occasions under our new framework but it is a very difficult exercise. I am not making excuses for them or for us. A considerable number of firms have gotten into trouble in respect of client assets in the UK and the US. This has been a problem area over the last several years.