Ms Gráinne McEvoy:

Historically, commercial institutions too often looked at products solely through the lens of profitability and how to make money out of a product. There has been a significant shift, which has been driven by European authorities, among our colleagues, banking authorities and the European Securities and Markets Authority, ESMA. They have hardwired into European law the requirements and obligations of regulated firms to have product oversight and governance committees, to take into account all of the factors that Ms Rowland mentioned, including launching products, suitability for their target audience, how products are sold, what is communicated and transparency related to risk. Equally important is the question of what happens if a product is withdrawn and its implications. This is all hardwired into a wider European framework which we accept. We supervise accordingly in the national jurisdiction.