Mr. Ed Sibley:

It brings us back to my earlier comment. We can see the aspiration of the Bill and its intent, but we have raised the question of concern as to whether it will truly add to the regulatory protection that consumers have. One side of that impact assessment is to assess whether it will truly deliver additional protections for borrowers, while another side is to consider independently the risks associated with it. I have outlined our thoughts on the potential implications for the functioning of the market, from a competition perspective and from a financial stability perspective. That gives an opportunity to weigh up those implications in respect of the costs and benefits of the Bill. As one could reasonably expect of any intervention in such an important market, it would be worth doing an impact assessment to ensure that both the intended and unintended consequences are understood and weighed up.