Are we beginning to see the first signs of a hard-hitting watchdog which will not do its master's bidding if it does not agree with the command?
FSA chairman Callum McCarthy used his first press interview to voice personal concerns over selling stakeholder products without advice.
He seems to have set himself up for a confrontation with the Treasury, which is still fully behind the concept and is relying on it to deliver key policy initiatives on low-cost investment products.
When regulator of the energy markets, McCarthy's reputation for not caving under pressure made for some fierce disputes between the watchdog and its ministry.
It is difficult to see how policy can completely run counter to the publicly made comments of the FSA chairman. It is also very good news for advisers that McCarthy holds these views.