Mr. Raymond O'Rourke:

I am a barrister by profession. As I served as the chair of the Financial Regulator's consumer panel some years ago, I have a little experience in this area. I was appalled to learn that 11 of the 24 foreign insurers come from Gibraltar. We have had problems with Malta as well. When I investigated this, I found that the issues with Gibraltar are arising in much the same way as some of the issues we are hearing about in the context of Brexit. I refer, for example, to the passporting issues that enable people to come into the UK in a kind of roundabout way. Members will be familiar with EU law. I am also involved in the food area, where there is total harmonisation. The law starts in Brussels and that is it. The consumer area has never been like that. Some countries, including the UK and the Scandinavian countries, have higher consumer protections than southern member states like Greece and Spain. There is always a kind of compromise. The basic things have to be done. I will explain the basic things that happen when a product comes from Gibraltar. I am trying to recall a commercial business term that is applicable in this context.