The UK regulator, the Financial Conduct Authority, on Friday set out the scope for a wide-ranging review into the investment banking industry.

While it may seem somewhat low-key coming days after bank trading floors were fined a headline-grabbing $5.6 billion for continued misdemeanours related to benchmark rigging, the review is of significant importance. It will be the first study by the FCA into wholesale markets, which covers traditional capital markets and advisory businesses.