Box-office wizard Harry Potter was able to succeed where others had failed and defeat the evil Lord Voldemort, but Financial Services Authority chairman Lord Adair Turner has either not seen the latest film or is not a fan judging by his dismissal today of the UK regulators own 'magical' powers in its battle against market perils.

Potter received crucial help in his fight against nemesis Voldemort from his friends Hermione Grainger and Ron Weasley, and the trio's combined efforts ultimately worked, even though Potter's star status in the wizarding world sometimes caused friction within the group.