Our recent experience with COVID has further highlighted why this regime is needed. COVID has resulted in enormous pressures being felt by financial services, businesses, and by consumers. While I acknowledge the steps the sector has taken to support consumers through difficult times, these measures that they've taken are entirely voluntary for that period of time, and they rely on goodwill. Many of these positive measures are likely to expire, while consumers' ongoing needs will continue. That shows the importance of financial institutions having the capacity and incentive to always address the changing interests and needs of consumers, particularly those who find themselves in vulnerable circumstances. 