In the wake of the banking crisis, regulators were subject to scathing criticism – in particular for their perceived failure to bring to book those in charge of the financial institutions that went to the brink and required bailouts.

Perhaps unsurprisingly, therefore, a prominent feature of the Financial Conduct Authority's response has been a heightened focus on senior individual accountability. The FCA has resolved to hold those individuals designated as having a significant influence function, or SIF, typically directors and other senior managers exerting significant influence, to account for perceived regulatory failings - and to do so publicly. It can be assumed that the regulator will not wish to be seen to have failed in this regard.