Just as many of us in London were blindsided by the Leave vote, the Financial Conduct Authority’s new boss Andrew Bailey probably didn’t foresee the Brexit-shaped challenge ahead when he accepted his new brief. Yet this is likely to shape his tenure more than any other factor.

The sheer level of uncertainty regarding the future regulatory landscape, in particular the eventual relationship which the UK will forge with the EU, presents immense challenges. The FCA will have to adapt, just as the City and financial services industry will do, but its ability to plan ahead is currently limited. Of course, the future will present opportunities for the FCA as well as threats. However, in the short term, the FCA looks set to have its most turbulent period since its creation in 2013.