Treasury and Work and Pensions

I am not. I do not know whether my hon. Friend saw that ITN today showed correspondence from Farepak to Halifax Bank of Scotland before the share price collapsed. Farepak asked HBOS to ring-fence the money involved in this unregulated field. Sadly, HBOS wrote back saying that they would not ring-fence the money. Although HBOS may not have a legal responsibility to the individuals who have lost money, it has two days before the fund closes to shoulder its moral responsibility. Surely that is a good example of an industry in which we need more regulation. Does my hon. Friend agree?