Two reasons why financial regulation has become interesting - one is because it hasn't worked, and the other is because it has moved away from this principle of government. A current pattern for these structures is that the national market regulator is a division of the national ministry of finance; the national ministry of finance has made major investments in or even bought banks; and the national market regulator regulates the banks.

In summary, the government owns the bank, the government owns the regulator, and the regulator regulates the bank. That looks like a closed circle of power.

Is this in the interest of investors? After all, investors appear to have had very little voice in any of the proceedings during the current economic crisis. Governments have done what they consider to be best for their national economy, but the views of investors and investor protection seem to have come second to "the national good".

The voice of investors is as shareholders at periodic shareholder meetings, if they go against the advice of their investment advisers and invest directly in the markets, or it is through the investment managers who they employ. Investment managers have their own interests to protect at the moment - such as survival.

There are many national associations for banks, for brokers, for investment managers - but is there a national association of investors? Or are investors powerless?