We have listened to the case made by some freeholders and institutional investors that a cap on ground rents would have a detrimental impact on pension funds and wider investment in the UK. In particular, we recognise that the proposals in the draft bill may have a significant financial impact on a small number of individuals who chose to invest large sums in ground rent funds, such as the TIME Freehold investment fund, sometimes acting on poor advice from professional financial advisers. However, it is always the case that investment decisions come with the risk that investors may lose money, and legislative reform has been a known risk for many years. We believe the government is right to pursue a policy which strikes a fair balance between these interests, while ensuring its democratic mandate to tackle unaffordable ground rent charges remains its guiding principle. (Conclusion, Paragraph 50)