I take the hon. Gentleman’s point but let us not get ahead of ourselves. I spoke to the Minister the other day about that. Getting to the bottom of that we find very murky waters. It was beautifully put by Nigel Lawson’s former adviser, Dominic Hobson, at the NAPF, just before the Minister gave his “Les Miserables” tale. Dominic Hobson runs the respected magazine, Global Custodian. As he said, there is a reason why fund managers meet in Monte Carlo and pension trustees meet in Manchester.
Getting to the bottom of that rent extraction is a very difficult task. We are concerned that in the past the FCA has not shown enough oomph in dealing with this kind of thing, so we will be watching very closely. The hon. Gentleman might not be aware that the Investment Management Association, which had a long conversation with me and other people over the months, has proposed things that should be disclosed. However, it is not at a stage where it is prepared to disclose everything. It might or might not have good reasons, but it is not prepared to disclose all the costs as they accrue to the investment of pension and other assets.