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The Minister is helpfully setting out the different roles. I think it would be useful for the Committee to pause on the difference between micro-prudential and macro-prudential regulation. Many people may feel their eyelids begin to droop slightly when faced with such terms, but they know that it is important to get the distinction right. I want to test the Minister a little further on those two definitions.
As I see it, there are three layers in his particular structural proposition rather than two: conduct issues, in addition to micro-prudential and macro-prudential issues. Will the Minister explain the boundary between them a little more precisely? I think the matter will crop up time and time again.