You’ve heard of Blair’s babes – now meet Blair’s bankers. Tony Blair Associates, the Mayfair-based firm set up by the former Prime Minister, this week received FSA authorisation to provide investment services to funds and individuals, alongside its existing services of offering strategic advice on political and economic trends.

A spokesman for the former premier has been quick to downplay suggestions that Blair is looking to create a mini-investment bank or boutique financial advisory firm, insisting that FSA approval was sought more out of caution than necessity.