Mr. Declan McLoughlin:

It is very clear that the organisation needs to be effective in meeting its very significant regulatory obligations. There is obviously the application of the Act and the effective use of those powers in a proportionate and impactful way. It is also about how the organisation works. As a new organisation, we are looking at how we want to operate as a regulator. What expectations do we have of our staff? What are our values? That is something we are still teasing through but we have started that work. Some of the key values that have come through is the concept of independence, the concept of being impactful and, while it sounds like motherhood and apple pie, the concept of being courageous as a regulator. We are looking at this from the point of view of what our powers are, but we are also having an internal dialogue about how we ensure not only that we enact our powers but also that we have a strong culture that supports success in how we do our business. That is also worth emphasising as an organisation.