Ms Seána Cunningham:

Upfront, we do not see the measure of success here as being more enforcement. What this framework is designed to do is improve governance and the management of risk and outcomes for consumers. Of course, built in to this framework is an enhancement of enforcement in circumstances where things go seriously wrong. As Mr. Cross stated, what we are being very clear on is that is the intention behind the framework, but we remain committed to assertive risk based supervision underpinned by a credible threat of enforcement. Where serious issues arise and enforcement is appropriate, that is what we will certainly do and what this framework allows us is an enhancement of our process in terms of individual accountability, and we very much welcome that.