Ms Derville Rowland:

This is a long piece of work that will be multi-annual in nature. I have no doubt that this piece of work will take all of next year. It will develop into further work programmes. It will probably be a feature of our work in different guises. We anticipate that the first two phases of the work on the insurance industry and dual pricing will take most of next year. Depending on what we find and the level of complexity, in all likelihood, there will be work into the following year. The FCA has been doing work on this for a number of years and anticipates that its work programme will go on for a number of years so we think that is a likely prediction of the time.