I think what Mr. Mohindra is suggesting is that the regulatory environment needs to be more efficient and more appropriate to the nature of the PRPP. I think it's unfair to dismiss the value of a PRPP because there's a regulatory environment that imposes a lot of burdens on it.
Our message is that it's important that there be harmonization—that there be a single set of rules applying to PRPPs, and that the level of regulation be appropriate to the nature of the product. If that's done, we in the banking industry believe that we can deliver it efficiently at low cost and to the benefit of employers and employees.