In 1997 Gordon Brown removed the so-called “self-regulatory” system for financial services under the Securities and Investment Board and created the Financial Services Authority (FSA). The name is all; in fact the “self-regulatory” system consisted of regulatory monopolies ultimately responsible to the Treasury which were a million miles away from market-based regulation which springs up whenever there is a need for it. We forget that before the creation of the “self-regulatory” system in 1986, regulation of investment markets was undertaken by private bodies – and that they were very successful.