Dormant Bank and Building Society Accounts Bill [HL]

With respect, that does not quite answer the question. Just to say that something is regulated does not mean that an aspect of its activities is regulated. As I understand it, the Treasury has said that the making of repayment claims would be a regulated activity. I am not sure how far that takes the FSA into the financial policies of the reclaim fund. It is important to establish that. I want to link that to something else the Minister said about the Treasury having the ability, if things were not going right, to tell the reclaim fund to comply with its articles. It has the direction power, which we will be coming on to later. I was wondering how the Treasury knows about that—as well as what competence it has—and how it gets into questions of that nature. The Minister was keen to say that the reclaim fund will be a private sector body, and I am sure he will keep asserting that, but I am trying to tease out how in practice certain calculations will be reached about money held back or taken from a Clause 2 scheme, who gets involved in that, how and on what basis, and how much they know about it.