Who would be a regulator? Pressed on one side to get tough all the time, accused of stifling innovation with red tape on the other, and then harried by some in the media for regulatory capture and being ‘ineffective’.

It is no job for the thin-skinned, nor is it for anyone courting popularity. Regulators need a clear vision, a long-term strategy, resources and teeth to be effective. They also need to be calm, articulate and diplomatic in the midst of a great deal of often emotive and uninformed noise, and they need to produce results to ensure that their political and financial backers stay put.