What kind of changes are you seeing as a regulator?

We’re doing well. I suspect most regulators all around the world are doing well, which is why we’re examining whether the assumptions we made are still good. We’re very fortunate we’ve not seen any significant consequences from the economic crisis, but that hasn’t stopped us looking at the way we treat capital. It hasn’t stopped us focusing on whether firms have good risk management systems. It certainly made us look very closely at the quality of human resources, and we are watching very closely the changes that are being proposed in other jurisdictions. One of our points of existence is that we are benchmarking the world’s best standards. If those standards are changing we need to consider what we need to do ourselves and make the changes that will follow. That’s a full-time job these days. But so far our analysis said we have a very robust financial services sector, the QFC environment has proven to be relatively immune. I think one of our pieces of good fortune is we are still at a fairly early stage of development. We have taken a very close look at the institutions we regulate, we’re very pleased with what we found in general, but we are very much aware that more change will be required as international standards change.

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