And of course, in embarking on this review we recognise that there are strong regulatory requirements in place to protect consumers of financial services, including in our existing Codes and both domestic and EU law. Non-bank financial intermediation Being forward-looking may mean taking a different approach to how we regulate.
More recently, the Federal Reserve, often in tandem with some or all of the other agencies represented at this hearing, has made progress on a number of other important regulatory reforms. I will discuss those steps in more detail.