I thank the noble Lord for his question. It was precisely my point, about a regulator having very significant powers. My question about whether self-regulation will work touches on a number of areas. That was why I was saying that I do not think self-regulation will work. Although it is something that we need to encourage, it does not yet have a track record that we can have much confidence in.
If I may finish—the noble Lord caught me at the very end of what I wanted to say—that is why I do not think that a light-touch approach is going to be the answer. We need to work away at how to balance these various needs, both for the freedoms and for the protection of the vulnerable.