Mr. Gerry Cross:

I will also mention the whistleblowing question. It is a very good question for us to ask ourselves and it is not covered in this legislation. As the Deputy said, protected disclosures or whistleblowing are a very important aspect of a well-functioning supervisory and regulatory framework because they are a very good source of information and they provide very important information. It is also the case that enhancing the governance and culture within firms, especially around speak-up, so there is an indirect benefit from this framework, will help with that.

On the question of financial incentives, we do not have a formulated final view on this at the moment. It is something worth considering but it needs a lot of consideration because there are pros and cons. The positive aspects can be seen but it brings aspects about which we would want to think very carefully. It is something worth further discussion.

On the issue of scope, the draft legislation potentially does have a wide scope. In terms of the conduct standards, it applies to all regulated financial service providers. On the senior executive accountability regime, SEAR, in the first instance the proposal is that it would apply to the most high-impact firms.

Again, it is very important to say the financial system is evolving very quickly, as the Deputy has said. There are all sorts of opportunities and potential benefits but also challenges and risks on how technology companies of different types and business models are engaging. Certainly for the future it is something we will need to be very alive to and think about how this fits there. We are moving more quickly and fully than the UK did in its first steps because we have had the benefit of seeing their experience, but it will be a case of we apply this legislation in a broad yet limited way in the first instance and then roll it out further over time.