Has Hector Sants never watched Yes, Minister? Does he not know that to call a decision “brave” is to imply that it is probably misguided and possibly suicidal? Sir Humphrey would certainly have agreed it was brave for the FSA to impose, without consultation, new rules on short-selling to try to prop up bank rights issues. It is hard to agree with Mr Sants that subsequent market developments show that the move was wholly justified.

But that does not mean it should be condemned. These are very challenging times for financial regulators, who must be prepared to act boldly. The last thing that we want is for the FSA to adopt a traditional Civil Service attitude. Surely we want Mr Sants rather than Sir Humphrey.

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