Mr. David Went:

I think that's the ... I rang Pat and I told him ... I gave him the gist of what I've just said to you - that I thought this was a bad product, a bad idea and that in my view the regulator should seek to forbid the product. We went through a conversation about the fact that that the regulator was a principles-based regulator and therefore ... and played no part in the approval of specific products, all of those things. And I made the point to him that I thought he was taking ... I thought ... that I thought he was taking a rather legalistic view of his powers and in particular at that time I would've concluded that he did not seem to think that he could use the power of moral suasion that I believed a regulator has in relation to a regulated business. We had that discussion. I indicated to him that I thought that, for example, you know, the particular bank that had introduced this was a subsidiary of a major UK bank.