I've asked this question before but it goes to the heart of why the hunt for a better and better regulatory system will not succeed.
Writing in today's Independent on Sunday Margareta Pagano writes this (within a piece that praises the general Tory approach to financial regulation):
"Let me give you a little insight into how right he was: the director at one of our biggest banks admitted to me recently that if an FSA regulator who comes to visit for a routine check is any good, they hire him. Otherwise, they run rings around him."
That was also my experience when I was a regulator at the Bank of England. David Cameron promises to provide better funding for remuneration of regulation and to encourage City firms to second staff to the BoE/ FSA. The remuneration will never be enough and the firms will never send the rainmakers who really need to be sent.