Opinion: The bad behaviour of the few is heavily borne by the many

When I started work 50 years ago, (as far as I remember), insurance was not regulated at all. 

Now it is tied hand and foot by an unsympathetic bureaucracy; the Financial Conduct Authority (FCA), The Financial Ombudsman Service (FSO), and the Financial Services Compensation Scheme (FSCS).

These three levy increasing costs on those they regulate. They have little incentive to save money, and plenty of opportunity to spend it. Spending other people’s money often leads to high salaries