Professor Philip Lane:

What I have been trying to say is that the code of conduct would not alter the ultimate decision making power of the owners alone. The code of conduct cannot mandate a particular way of handling a loan. The legal framework provides for the decision making power to lie with the owner and that will remain no matter who we regulate. It is not the case that we could mandate a loan owner where, for example, it must offer splits or must do X, Y and Z. That is not part of what a regulatory code would do.

The Deputy said that basically that the only avenues followed by these funds are either voluntary surrender-----