I now turn to another element of the group of recommendations contained in the McDowell report. The group agreed that, where functions are being transferred to the single regulatory authority, relevant enforcement powers which relate to those functions should also be vested in the authority. The group considered that the ability of the single regulatory authority to regulate any financial market without being able to impose civil sanction to enforce the same would result in ineffective regulation. The group recommended that, in the first instance, the single regulatory authority should have power to impose sanctions on a financial services provider for breach of the relevant regulatory code. The group also identified a need to set up an appeals system for financial institutions which wished to appeal against the imposition of such sanctions