Mr. William Prasifka:

There have been many discussions and exchanges with the Minister. I will finish my point. It is very important that we are not a regulatory authority because if we were, it would undermine the independence of the office. Anybody making a complaint would ask why he or she would trust us, as we would be the regulator, ensuring the banks and insurance companies are solvent. We would be asked why we would ever decide anything against them. We operate in a jurisdiction with a high degree of legal oversight.

What would happen if the courts took the view that we are a regulator? How would they look at our procedures? We are supposed to operate informally and expeditiously, but then somebody appeals a decision saying, "They are a regulator. They must have an entirely new set of procedures". The reason we took that view is that, first, it is firmly grounded in the legislation and, second, to take any other view would, I believe, act as a significant threat to the future of this office. I was not prepared to do that.