So here we have a sorry state of affairs where the regulator of the financial services sector, charged with consumer protection, the raising of educational and ethical standards and prevention of fraud, is incapable of admitting a simple (though profound) error and rectifying it. After all, it has only cost the affected firms £118m so no harm done.
Leadership by example? How can any of us have trust and faith in the regulator to deliver the outcome we all want when the body responsible for that oversight rides rough-shod over its own supposed principles.
As Groucho Marks so pithily put it: “Gentlemen, I have my principles and if you don’t like them I have others”.