We will box smarter through greater use of technology and make sure that the supervisory teams overseeing low impact firms are resourced to do focused thematic work, carefully targeted at higher risk areas, taking action when problems are identified.
While we won’t be doing regular face-to-face meetings with every low impact firm, that doesn’t mean we won’t be watching them and that we can’t follow up when we discover wrongdoing. We may, on occasion, conduct spot-check inspections of low impact firms.