A 571-page report produced in less than a year by a commission of 10 individuals of widely diverging political views and motivations was always going to throw up a few anomalies and inconsistencies.

In many ways, the report by the Parliamentary Commission on Banking Standards hit the nail on the head. By zooming in on the almost complete absence of any sense of individual responsibility for the failures in the banking industry, the failure of accountability, and the role played by potentially huge and poorly constructed bonuses, the commission made a lucid case of how the loose and febrile culture in banking was a significant factor in the financial crisis.