Ms Derville Rowland:

I do not believe any enforcement cases against regulated credit servicing firms have been concluded. The legislative approach is fairly recent. The first thing was to put in a strong authorisation framework, and we play a rigorous gatekeeper role. The fitness and probity of the individuals leading these firms was scrutinised. The legislative framework does not contain a strong capital requirement and is more orientated towards being a conduct framework. Part of the foundation of that is a requirement to have robust governance and appropriate risk management to ensure they deliver appropriately in terms of their conduct role, particularly when engaging with consumers. They have to have clear structures and organisational competence to show they are well organised and resourced so that they can comply with regulation. We put additional regulatory requirements on them and we have been implementing our supervisory strategy. This has culminated in on-site inspections to ensure we have a very informed view of their compliance.