There’s three ways to be a regulator.
There’s an old-fashioned, contextual, benevolent world in which you look at every single circumstance individually – and respond, after consideration, appropriately.
There’s a technocratic, transparent, approach – in which you plot and publish every possible unit of data and set out clearly what you will do in circumstances where performance does not meet clearly defined minima.
And there’s the principles-driven approach – where you explain the kind of stuff you don’t like, and then come down on a ton of bricks on those that do that kind of thing.
