The regime also contains strong civil pecuniary penalties if a financial institution or intermediary contravenes an obligation within the law. Compensation for affected consumers can also be sought by any persons. Officials have recently consulted with financial institutions about how the bill will work in practice, and I have heard concerns that industry have raised around certain aspects of the bill; for instance, how the framework of the bill works in relation to intermediaries, the requirements related to conduct programmes, and the timing for implementation of the changes, and we will be watching the select committee process very closely. 