The debate is not about the wish to raise standards—we all want to raise standards—but the method of doing so. I return time and again to the Financial Conduct Authority and its complainant body,
the FOS—the Financial Ombudsman Service—which represent a collective cost to the taxpayer of £837 million a year. Who would say that the financial services industry was well regulated, bearing in mind the succession of scandals involving particularly the banking sector in the past two decades?