Complex financial structures are not necessarily a problem, but they can obscure water company finances, enable bad practices, undermine transparency and worsen the public perception of water companies. Water companies increasingly look like financial institutions rather than businesses servicing monopolised critical infrastructure. These structures have undoubtedly been used, in some circumstances, to increase debt, given they are outside the investigatory remit of the regulator. Simplification and greater oversight are needed to ensure that these entities are used appropriately. (Conclusion, Paragraph 20)