As we've heard, we can't really properly assess fee and access plans in the current arrangements, because it takes time for those cohorts of students to go through and activities to go through. Being able to move to a system where fee and access plans, for instance, could be over a three-year period I think allows universities to be more strategic in some of their investments and some of their activities around fee and access. In a single-year plan, it's almost knee-jerk, it's the need to demonstrate that you're doing something, and doing that within that period of time, rather than a more strategic view—. Can I just say, I know it's not quite subject to this, but we're really moving forward in terms of access and broadening access into the HE sector. For me, student financial support is one aspect of it, but if we're really thinking about social mobility and attracting people into higher education that have never been part of higher education before, our early figures would suggest—they're early figures, and they're subject to change, but in terms of our change to our student support regime, we have seen a 58 per cent increase in the number of postgraduates applying for student support in Wales. When you think about it, when many of us went to university, a degree was the thing that set you apart. Now that more and more students are going to university, it is that postgraduate qualification that sets you apart, but your ability to carry on studying is often limited by access to financial support, so a 58 per cent increase in postgraduate I think is great for those individuals, but it's also great for our economy. We've seen a 35 per cent increase in part-time undergraduates that have been supported by the Student Loans Company; the Open University have reported a 67 per cent increase in students from Wales's most economically disadvantaged areas registering with them; a 57 per cent increase in disabled students; and a 30 per cent increase in black, minority ethnic learners. So, I think that's a really, really positive basis for our sector to continue to work on broadening access.
Okay, thank you. Sorry, Hefin—carry on.
I'll move on to managing risk, if that's okay. The feedback from Universities Wales suggests that, with the outcome of the 2015 Act, institutions with the strongest track records are more highly regulated than the riskier private alternative providers. Do you think that Act has struck the right balance?
I think the Act has created a system where the level of regulation is proportional to the amount and the nature of public moneys received by institutions.