Could you explain what it is?

Of course, right touch regulation is simply a way of thinking about whether something should be regulated, and if so, how it should be regulated.

It's fundamentally about proportionality, agility, and impact.

And it means using only as much regulatory intervention as necessary to achieve a desired outcome.

No more, no less.

This might sometimes mean reducing regulatory activity or sometimes being more robust depending on the risk of harm.

It isn't about being busy regulating.

So, Alan, does that resonate with you in terms of what makes a good regulator in the sectors that you oversee?