Mr. Lewis Purser:

I thank the Chair. With regard to Mr. Beausang's last point, we have no intention of overriding the concerns of the regulator, far from it. We work very closely with the regulator and it has a number of other statutory mechanisms to meet all of its concerns. We are trying to prevent the unnecessary duplication of the administrative, regulatory, and financial burden for the benefit of both the regulator and ourselves. We have engaged extensively with the regulator and it has never raised any concerns in this area but if it does have concerns, there is a mechanism in its statutory quality assurance processes to deal with this specific scenario. It could do so now without any new legislation. There are internal mechanisms in place which we believe we currently meet to all our mutual satisfaction. There is no question of trying to override the regulator. We respect its authority but there is no point in introducing unnecessary duplication and cost at a time when we are all trying to do more with less.