National opposes this bill, and we oppose it for a number of reasons. I'm going to talk about some of those issues, but the core obligations of this bill are to implement effective policies, processes, systems, and controls to enable a certain group of financial institutions—and I'll talk about them; but primarily registered banks, licensed insurers, and licensed non-bank deposit takers—to meet high levels and to treat customers fairly, including by paying due respect to their interests. These policies are going to be set out in a conduct programme. The issues with this are manifold, but the first thing is that it is a bill trying to come up with a solution looking for a problem. That is one of the principal issues that we have with this bill. This bill is an incredible overreach to some issues that were found but certainly were not systemic or widespread. 