I will get straight to the point. The “more and more of everything” approach to financial regulation is failing. It has not, and will not, achieve the desired outcomes for the wider economy, individual customers or investors.

Unfortunately, we see no sign of this building block approach to regulation abating. The complexity of the regulatory reform agenda continues and the timelines increase. It is six and half years since the financial crisis began to emerge in the summer of 2007 and the regulatory response may only be half completed.