Ann: 2017 AGM Presentation, page-23

always keep an eye on the regulator, i agree, one would be stupid not to. they often make decisions that are removed from reality (positive and negative for whoever they are reviewing)

but looking at bad debt rates (far lower than even credit cards) and the small amount of customers who are attracting all 4 late payments (0.07% of orders), i think on a comparative basis they will fare quite well and management will be able to make a good case that they are better than the current industry participants.