I hope I'm wrong, but my guess is that the time required to clean up this regulatory train smash will be much, much longer than Mr Byron's likely incumbency as CEO. His replacement in a few years' time will, no doubt, have a different idea of what needs to be done, and this never-ending story will continue.
The overarching and chronic problem here is that the political cycle is simply too short, and its influences simply too self-interested, for the regulatory reform process to be commenced, managed objectively and in the public interest, then completed, before the use-by date of the person in charge of the process.