None of the watchdogs are fit for purpose*. The Tory plan is to deregulate, promising oversight, but then to declaw, defund, and stuff the watchdogs with cronies.
*As defined by me, YMMV
As you say "as defined by me" but remember what they were designed to do was to not frighten the horses, sorry the city. If the city had thought they'd be strictly constrained and forced to maintain standards they wouldn't have bought the