Professor Philip Lane:

When we looked at this - there is a big body of work to be done to sort this out because it did affect a lot of customers - the assessment we made was that the interpretation was the one we have gone over several times today. If we make an alternative decision, our regulatory decisions can be challenged on appeal. In other words, if we make a regulatory decision in the belief it will be successfully appealed by the regulated firm, of course if we do not think we can stand over it based on the evidence and advice we have received, that means there is that interpretation. I recognise the confounding nature, but the Deputy can be assured that throughout we have always had a consumer focus. We push as far as we can in favour of the consumer, but it remains the case that it must be within the bounds of what is permitted by regulation. I will hand over to Ms Rowland who led the work.