It is a pleasure to be here. I thank the right hon. Member for Orkney and Shetland (Mr Carmichael) for raising this extremely important issue for debate. The Government agree that accountability for financial services regulators is of utmost importance, balancing independence with clear accountability, democratic input, and transparent oversight. The FCA is operationally independent but accountable to Parliament and the Treasury. Last summer, new secondary objectives were set to facilitate international competitiveness and economic growth while retaining protection of safety and soundness. The minister believes the FCA should rethink its 'naming and shaming' proposals. Regarding access to cash, the expected timeframe for the FCA's consultation on this issue is the third quarter of 2023. On the failure of Midas Financial Solutions, the FCA intervened in 2014 following intelligence related to the scheme, leading to compensation through the Financial Services Compensation Scheme and Mr Alistair Greig being charged with fraud. The minister emphasizes that it is vital for the FCA to continue robust enforcement against fraudulent activity and maintain high standards across all supervised firms using a risk-based approach. The FCA's accountability includes annual reports, regular data publication on performance, and scrutiny by Parliament through committees like the Treasury Committee and House of Lords Financial Services Regulation Committee. Despite multiple methods of accountability, streamlining is necessary to ensure effectiveness. Between December 2019 and March this year, the FCA provided oral evidence to Select Committees 36 times. The minister reassures that legislative frameworks balance independence with proper accountability and commits to monitoring the FCA's progress through upcoming reports.