Regulators aren’t exactly thought of as the life and soul of the party. They tend to rank as highly as politicians, bankers and journalists in popularity contests. So should we be surprised when they leave public service for a life in the private sector?

Andrea Coscelli, the former head of the Competition and Markets Authority, knows the struggle better than most. “You can’t [have a position such as CEO of the CMA] for too long. It’s stressful — you are put under quite a lot of pressure,” he tells Financial News.