Member

I turn now to Amendments 134, 137 and 138 from the noble Baroness, Lady Noakes. Amendment 137 would make exceptional investment performance a gateway to the new entrant pathway. That would elevate performance above structural considerations and, in practical terms, is ill suited to a scheme with no members. It would also risk undermining consolidation by creating a performance-led exemption to scale, which I realise is what the noble Baroness wishes to do.