We are in the middle of a series of reports, updates and business plans which, together, should map out the path of financial regulation over the next couple of years. 

Unfortunately, the tea leaves remain largely inscrutable. Firms and regulators will therefore need to prepare for the unexpected.

Most obviously, while unemployment remains low, real incomes show no sign of closing the gap in growth that opened up during the crisis. Meanwhile, unsecured credit is experiencing double digit growth. 

Perhaps not surprisingly, lenders are planning to get tougher and banking shares are suffering as a result. A decade in, what does the combination of low interest rates and low income growth mean for firms business models?

In parallel, the FCA last week published its report on credit cards, while next week its 2017/18 Business Plan will appear. 

Especially given the above, which will undoubtedly put pressure on affordability, it will be interesting to see what balance the Business Plan strikes between long term policy/competition interventions and leaving the FCA flexibility to use smaller, more immediate tools in what remains an unpredictable environment.