It is both clear and unsurprising that there is some regulatory change fatigue in the system. So it is important to consider why these changes have been needed – indeed, why regulation is needed at all. Ultimately, this comes down to a question of trust.
And without regulation and effective supervision, financial services firms cannot be trusted to deliver what is required of them in the way the economy needs and society expects. This is the lesson of the most recent crisis and all crises before that. It is the lesson from the multitude of conduct failures.