“These are important appointments to a new and trailblazing organisation. Successful candidates will play a major role in the development of the Financial Services Authority and of the regulatory system. We are looking for applicants with flair and a keenness to design a regulatory system to further enhance Britain’s reputation as the foremost financial centre in the world.” Alistair Darling, chief secretary to the Treasury, advertising for new non-executives at the FSA, May 1998.

How times change. It will be a while before any financial watchdog is openly urged to “trailblaze”. “Flair” will never again be one of the published prerequisites to oversee a regulatory body. Instead, the pendulum has swung in the opposite direction. Away from Canary Wharf, towards Threadneedle Street. Out with the new, in with the old. Flares, not flair.