Mr. Matthew Elderfield:

I see the point about the public's reaction to this which is spot on. What one wants is a deterrent effect that has public acceptance but also acts on individuals. A person can say, "All right, they are going to come after my firm but I am going to move on". One needs to have a deterrent effect on individuals in order to have confidence in the system.

There have been improvements in the sanctions powers going through in the supervision and enforcement Bill. A year ago, I raised the matter in a public speech so I have said it once. Today I wanted to say it once before I went. We need a special mechanism such as a wise person who can take a step back and think about the matter. That would be the sensible way to proceed.