Mr. Gabriel Makhlouf:

I am not entirely sure on that. I would like to understand the issue further, in the course of looking at the follow-up to the domestic retail banking review. I am trying to resist talking about a particular firm, but the example the Deputy has given is of a new entrant into the market. It is not unique. There are others like it and they are offering a particular service. Consumers clearly are attracted to that service and are using it. At an EU-wide level, we expect certain standards to be followed by providers of that sort of service. If we are going to say that all of these firms are going to need to have a physical presence in every jurisdiction, there is a danger that we would kill the service by making it uneconomic to their business model. One would have to be quite careful in terms of the objective. If the objective is to achieve particular standards in terms of the customer experience - being able to talk to somebody easily or having a chatbot that actually works - that may be a different question.