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The call for a more "locally focused regulator," Mr. Gilkeson said, is actually code for wanting a regulator who is more accommodating.
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A spokesman for Three, the UK's smallest mobile network, said: "We welcome the proposal to focus regulators on promoting competition.
"It really focused the regulators' attention on these capital issues".
Its previous philosophy meant that the regulator focused primarily on the management controls and systems that banks had in place.
The House Financial Services Committee passed a bill last week that would give the agency important responsibilities and at long last bring consumer protection under the watch of a single regulator focused solely on the best interests of consumers.
Supporters, of course, say that consumers were clearly inadequately protected in the past decade and need a regulator focused directly on that task.
The regulator has ploughed greater resources into a new enforcement division, where dedicated staff are more willing to unearth misconduct - as the Financial Conduct Authority (FCA) itself says, "basically a tougher, more focused and resourced regulator".
"Now it seems everything is focusing on regulators".
The regulators focused their concerns on the roughly 5,000 brokerage houses across the country and on brokers and insurance agents.
The regulators focused on the period from April 6 , 2012 when media reports about the problematic trades first came out, through May 10.
"We're really trying to get companies and regulators focused on lands that have already been disturbed".
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