Few will envy Lord Turner’s new position as chairman of the UK’s Financial Services Authority. Almost 12 months on from the start of the credit crunch and eight months since the run on the Northern Rock bank, there is a developing consensus on what is to be done to make the financial system less vulnerable to crisis.

The bad news is that it is largely the same consensus we reach after every crisis, ultimately to little effect: more disclosure, more regulation and reform of bankers’ compensation.