Mr. Jeremy Godfrey:

The proof of the pudding will be in the eating. It is right that there should be a variety of bodies involved.

The competencies we will have will relate to the people we already regulate. It makes a lot of sense for the people who are experts and who already have enforcement and supervision functions to operate within their own sectors. We are in conversation with the relevant Departments about the resources we will need. That conversation has not yet concluded. A bit different from other areas, we will need some technical, IT and digital skills which have tended to be harder for the public sector to compete for. That may turn out to be an issue.

As well as resources, when the Bill comes to it for pre-legislative scrutiny, the committee might like to look at the enforcement powers, particularly investigative and information-gathering powers. The latter are essential in the context of a regulator being effective.