Mr. John Corrigan:

The Deputy's question is an excellent one. This was certainly a fraudulent activity. As the Deputy has suggested, the key issue is whether this was a relatively isolated incident. It was perpetrated on other clients. How high up in the corporate structure did this go? What are the governance and control implications of this? Those questions need to be answered, but we cannot answer them. That is why I referred to the report of the FSA, as the regulator. We have written to the FSA to establish formally our interest in its investigations. The view we have taken is that we have to wait. It is important to emphasise that we have reserved our position.