Ms Mary Burke:

I'm not really sure that anybody would have been having discussions with the financial services industry on the ... sort of ... that strategic level. Each department dealt with the particular industry sectors and they supervised within the framework they were given. To the extent that there was a pressure, if that's what you are looking at, to have principles-based regulation, I think that probably came from industry. You have the Clearing House Group, the Government's better regulation agenda ... the industry panel was another part of the architecture of the IFSRA regime. And all of those would have pushed for principles-based regulation. But, in fairness, it was also an international theme of, you know, lesser regulation, for the want of a better term.