The hon. Member for Gloucester makes an important point. The obligation to treat the customer fairly has not worked effectively enough. The Minister does not need to take my word for it; he need only look at the Office of Fair Trading study of contract-based pensions and the current investigation into legacy pension schemes. There is strong evidence indeed that the obligation to treat the customer fairly is not strong enough in the context of a pensions market in which the saver is not able to exert sufficient pressure on providers to deliver value for money.