I'd go along with all of that. The only problem is it was billed from the very beginning as a regulator. When David Calcutt produced his report in 1990, and indeed then reviewed his own report in 1993, he actually talked about this new system of self-regulation. So whether or not it is actually a self-regulator, a regulator, it was certainly billed after the excesses of the 1980s, which led to its creation, it was billed as an answer to deal with the issues that had arisen during the 19802 and was billed as an answer that was a regulatory answer.
So it's all very well now for, you know, the current and previous chairmen to talk about, "We're actually only a complaints mechanism". That is not the way in which they either were set up to do, nor indeed the way they wanted themselves to be perceived as doing at the time.