My hon. Friend makes a very good point. It will be a challenge to ensure that the regulator employs people of sufficient experience and ability, who can get to grips with the challenges we will expect it to confront. A linked challenge is that we must determine, in the process of designing the regulator, what rules we believe there should be about the progress that employees from the industry can make to and from it. That can be argued both ways. My hon. Friend puts her finger on one of the great design challenges, and we shall pursue it with vigour.