The most surprising thing about Robert Taylor’s appointment as head of wealth manager surveillance by the Financial Conduct Authority is not that it happened, but that it took so long. The two were surely made for each other.

The FCA appointed Taylor this week, after taking six months to find someone to lead its new wealth initiative. Routine visits from the FCA have doubled in a year, according to UK wealth advisers. The regulator has a zero-tolerance approach to advisers who try to sell unsuitable product to clients.