No one ever said being the boss of the Financial Conduct Authority was an easy gig. Nikhil Rathi certainly didn’t when he took over the UK’s markets watchdog in October 2020.

Rathi told MPs he “didn’t apply for this job to be liked”. That turned out to be particularly astute. His bold ambition to turn the regulator into a tougher, more modern enforcer hasn’t gone down well in all corners, including among his own staff.