Sir John Vickers, chairman of the UK's new independent banking commission, has no qualms in breaking with the status quo. As warden of All Souls College at Oxford University, he put an end to the 100-year old famous entrance exam, in which applicants were asked to write an essay about a random word. It was known by some as the hardest exam in the world, and under Vickers’ leadership, it was scrapped.

Speaking to the Oxford Times in May, he said: "As with all these things people have different opinions and, like others, I feel regret when something that has been going on for so many years ends. But I believe this is the right decision."