By David Rundle (April 20, 2018, 11:51 AM EDT) -- On April 1 this year, the Financial Conduct Authority turned five years old. Born from and in reaction to the financial crisis, its principal purpose was to protect consumers, through more effective supervision and more aggressive enforcement. Naturally, the FCA, as with any regulator, has not been immune from criticism. However, it has grown up during a period which has seen political and technological change at an eye-watering pace. Under those conditions, and with finite resources, pursuing its enforcement objectives has been a difficult exercise — hard enough for any bureaucratic public agency, let alone one newly created....