Dominic Lindley: It is partly philosophy. The FCA is very driven now by risk it identifies. It has a kind of conduct risk outlook that identifies the risk across lots of different financial products. There is virtually nothing about auto-enrolment pensions or workplace pensions in the previous conduct risk outlook. It has been doing a market study on annuities for about nine or 12 months. Even when that market study concludes, it will then go into a next stage of proposing changes, which will probably be too late. There definitely needs to be a greater sense of urgency.