Ms Derville Rowland:

If I might reply, I do not mean to make little of the work the FCA has done. It has carried out significant work over several years. I accept that. Everything the Deputy says about the FCA's work is right. It has set out a range of options. However, it is true to say that it is going to do more analytical work. It has said as much and it is true to say it expects to go into a consultation phase and consider that next year.

All of that is true.