You read it here first. Last month Financial News warned that the Financial Services Authority would not be up and running this summer as planned and a more realistic target might be late September or even October. This drew fierce denials from all concerned.

Bless me but Treasury minister Melanie Johnson pops up last week and admits the target is now the 'end of November'. In the schoolmarmy way of New Labour our Mel warns that companies must be ready to meet this date… so further delays look on the cards.