With so much regulation, standards and compliance in place, how can the financial markets disaster ever have happened? Yet given the size of the losses that will now have to be paid out of general taxation for decades to come, few people will argue against introducing more regulation. But more of the same is not the solution. Much of the present regime is simply not focused, relevant or effective. Too much pro forma regulation and compliance has created an inability to see the wood for the trees, and contributed to regulatory failure.
