Peter Andrews' speech at ESMA is a fascinating insight into regulatory policy making from someone who's been at its heart for the last 30 years. At its core is a discussion about the inherent complexity of financial decision making - quite akin, he argues, to the cocktail of drivers experienced when confronted by a grizzly and trying to work out what to do!

It's well worth a read and subtly covers some core regulatory policy questions, such as the value of disclosure, behavioural nudges, even competition. For me, it highlighted again the complexity (that word again!) of the trade-offs and potential unintended consequences involved. 

With our ageing population (and other long-term trends), these dilemmas are only likely to become more acute, and the arguments for alternative approaches, such as product standards (hinted at in the speech), may start to become more attractive to firms and regulators alike.