Letter of the law

Between investigative and audit bodies, sector regulators these days are feeling the pressure of heightened scrutiny more acutely than ever before. The atmosphere of fear and suspicion prompted a high-ranking officer of a financial sector regulator to write an anonymous letter to the Prime Minister's Office (PMO) making the case that as keepers of public faith and protectors of investor interest, they required some breathing space. "Such increased and unwarranted scrutiny in certain cases impedes the ability of regulators to work," the letter stated.