If any banks thought they could get away with a few years of good behaviour before returning to their old ways, they should think again after being blasted with both barrels by the Financial Services Authority last week.

First, the FSA's chairman Lord Turner - one of the most measured and astute voices in the post-crisis regulatory debate - warned in a speech in London that regulators had not gone far enough to instigate the sort of systemic change needed to prevent a repeat breakdown in financial stability.