Mr. Gerry Cross:

The answer I gave Deputy Sean Sherlock is appropriate. Interest has been spread well across the sectors, including, in particular, the payments sector. I stress what Mr. Sibley said, that it is a process. We have had conversations, but it does not mean that anything will happen. We have had a material number of conversations, including wwth companies in the payments sector.

In the last week or so the Governor made a speech which included a piece on FinTech. The FinTech sector is important. Financial innovation is something of which we are aware with a significant presence in our bailiwick. We engaged well and appropriately with representative associations in the field and are conscious of the challenges financial innovation poses for existing firms. We are also conscious of the benefits financial innovation can bring for consumers and businesses. The challenge for us, as regulators, is to understand what is happening in this space, what the implications are for regulated firms and to be conscious of proportionality in the regulatory space and how it works.

It is a complex piece of financial innovation. It is easy to say, but it has many moving parts, of which we are conscious. We have cross-organisational thinking and working and try to prioritise the issues that are most relevant.