Is the regulator a good thing for the financial services sector?

The Financial Conduct Authority (FCA) budget was recently increased to £729.1m. It seems reasonable to ask if it offers good value. I appreciate the FCA's scope is well beyond long-term financial services but I'll stick with this area if I may. It has three strands to its strategy. One, to prevent serious harm. Two to set and test higher standards and three to promote competition and positive change. Now, we know that the FCA is here for the consumer, quite rightly, so are the rest of us. The FCA knows that we need a financial services sector – but the focus of regulation shouldn't be...