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.
Okay. Those were the words used by Universities Wales—
No, no, I'm not disagreeing. My view is: I believe that the Act has struck that proportionality. When you look at public moneys going into institutions, I think that the Act is proportionate, myself.
So, do you think it's in the interests of students, then, to be at private institutions—? I've seen those private institutions and how they operate; I've seen them at first-hand—they don't operate to the same rigour as public institutions, and they're less regulated.