Ms Ann Nolan:

Well, they most certainly are not. I mean, I'm not responsible for what they say. They are free ... they're ... if you want to find out what they say you'll have to ask them, I can't answer for that but they most certainly are not writing their own regulation. The regulations for the fund industry are almost entirely EU regulations and are developed by the European Commission in conjunction with the European Parliament. We would consult with the funds industry as we would consult with any other group on those regulations as how they would affect them ... interest group. Most of our consultations nowadays are done on the web in ... by means of public consultations. But they do not write the legislation, it just simply isn't true.