I confess it was him’ is an old joke intended to highlight how, when something goes wrong, the blame is often passed around so that nobody ends up accepting the responsibility.
For the Financial Conduct Authority and its predecessor, the problem of pinning responsibility for wrongdoing onto a particular individuals has been critically important.
Indeed, when the banking crisis hit a decade ago, putting the blame on specific individuals proved virtually impossible, revealing a glaring hole in the regulator’s ability to regulate wrongdoing.
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