I do hope Martin Wheatley has been paying attention to the Magna Carta celebrations. You know, all that stuff from David Cameron about human rights, the limits of executive power and keeping the principles enshrined in the document alight 800 years later.

The reason the head of the Financial Conduct Authority should take note is that the regulator has been granted much wider powers than its predecessor since the financial crisis, powers a medieval monarch would be proud of. I am not suggesting Wheatley will turn into another Bad King John. But unless these powers are exercised with restraint, there is a risk he will trample on some of the fundamental protections won by the barons in 1215.