I think the challenge is that standards are only part of it. If there are multiple players, how do you avoid a race to the bottom if the choice of who the provider will be is actually the firms? In the current environment, what you have is one body playing that public policy role, with good, strong relationships with government at both the federal and provincial levels.
Our concern—and it has been played out in Australia and New Zealand recently—is that if you have multiple players, they're competing for the banks' business, and they're not focused on the public policy mandate. I'm not sure that you could draft regulations specific enough to avoid that fundamental conflict of interest that arises if you're playing for the banks' business in this very important public policy realm.