Member

Let me look at some of the specific amendments. Amendment 46A in the name of the noble Baroness, Lady Bowles, would require VFM regulations made under Clause 11 to take explicit account of long-term assessment periods, asset diversity and purpose, member characteristics, the risks of herding driven by benchmarking or advisory consensus and, finally, fee structuring, including performance fee management, inter-cohort fairness and the impact of J-curve effects or consolidation. I hope that I have captured them all.