Our experience of regulators and regulation sadly tends to confirm this. Most of what the Central Bank was supposed to do in the area of financial services was prudential regulation. However, for quite a while it had a token consumer regulation role also in the sense that it regulated bank charges before the Director of Consumer Affairs took it over. Consumer regulation did not loom in its thinking. The truth is that in every one of the scandals that emerged and which have affected the whole of the financial services area it said it did not know, thereby confirming the validity of the opinion that a regulator rarely knows as much as those being regulated. It seems, therefore, that unless regulators have a clear and unequivocal primary function, to protect the consumer, the balance will be weighed in favour of the interests of the regulated. It is the classic dilemma.