A simple rule in life is that you should never trust a journalist, politician or expert. But after the excesses of the bubble and the misery of the three-year bear market, it is likely that corporate chief executives, investment bankers and fund managers are held in even lower esteem.

It is therefore entirely appropriate that the latest report on how to set the investment banking and fund management industry on the road to recovery, published last week by Tomorrow's Company, was less a set of strict rules and regulations so much as a holistic approach to restoring trust in the system.