It is a pleasure to serve under your chairmanship, Mrs Cummins. I thank my right hon. Friend the Member for Rochester and Strood (Kelly Tolhurst) for highlighting this important issue. She has been tenacious, and I convey my distress at the frustration suffered. The industry is an historic one and is important to us. A bank account is a vital part of how we operate in society, but it is also crucial that financial regulations do not put a disproportionate burden on legitimate businesses and customers. Pooled client accounts have many virtues as they protect customers when a firm fails. However, there has been concern about banks misperceiving the risk of these accounts and the regulation. I reassure my right hon. Friend that pooled client accounts are eligible for simplified due diligence where the risk of money laundering and terrorist financing is low. My predecessor wrote to UK Finance last year to reiterate this importance, and a roundtable was convened with banks and the Association of Brokers and Yacht Agents to improve mutual understanding. We will continue to work on improving guidance notes and adjusting regulations if necessary. There will be no further delays in consulting on how we can improve anti-money laundering procedures.