Big fines for big banks for big misconduct is no longer enough for politicians and the media, who want heads to roll when there is wrongdoing in financial services.

In practice, this is very difficult to accomplish - how do you single out any individual for the failure of a large, complex organisation? In particular, how does a regulator prove that it was the reckless conduct of a particular individual that caused a specific failure and is it really true to say that 'the boss' is responsible for the conduct of all of 'the troops'.