Mr. John Corrigan:

In 2012, I explained to the committee that we would await the report of the Financial Conduct Authority in order to identify what was the root cause of this behaviour and what were the failings within State Street. It is clear from the Financial Conduct Authority's report that the behaviour of State Street at various levels - including from the point of view of its compliance, internal audit and legal functions - fell well below the standard that would be expected of a fiduciary entity. On sight of the report, we terminated our contract with State Street for the management of funds on an indexed or passive basis.