Ms Anne Marie McKiernan:

Our view on this is that the business model development of the sector ought to be taken forward in the context of the priorities of the sector. From that, it might be appropriate to consider whether a tiered regulatory approach is needed or relevant. We are currently involved in a business model dialogue process with the sector to help understand the priorities the sector wishes to move forward with us and whether any aspects of our regulatory framework need to be adapted to accommodate those business model proposals. As the future development of the sector becomes clearer, this will be the appropriate platform on which to consider whether tiered regulation or some other proportionality in our approach is required.