It makes good sense to establish an interim authority in order that any teething problems can be ironed out. It is good that the financial industry will be the principal beneficiary of the legislation. Companies involved in the industry need a respected regulatory framework to allow them to function and make profits and it is correct that the authority should, in the main, be funded by the industry. It is easy to criticise banks in respect of the profits they make, but healthy banking institutions are needed. That does not mean that one necessarily endorses all charges levied by banks. For example, in many cases the normal overdraft charge has remained constant at 10% or 11% at a time when there has been an overall drop in interest rates.