On 14 April 2010, Mathew Elderfield, Head of Financial Regulation in the FR, addressed the Joint Committee on Economic Regulatory Affairs, setting out his ideas for reform of financial regulation. The focus of his speech included protection of consumers and overhauling the financial regulatory framework. In relation to consumer protection, Mr Elderfield said that the Consumer Protection Code and the Minimum Competency Requirements (both very relevant to the conduct of insurance business) will be reviewed in the coming year. He also highlighted the need for improved corporate governance, most recently reflected in the publication of the CP discussed above.