Regulatory legacy: in the wake of Bernard Madoff’s fraud, the financial industry, once based on trust, must learn to cope with more box-ticking

Cynics claim financial scandals come and go and nothing ever changes. Every so often that rule is broken. Back in the 1930s, the scams uncovered by the Great Depression bequeathed us the US Securities and Exchange Commission and the securities laws that still largely govern much of the market.