The combined results are exactly what you would expect from asking a group of practitioners how to rectify faults that were of their own industry's making. Their ideas are practical, sensible but, despite squeals from an industry that does not wish to appear to be getting off too lightly, uncontroversial. They are supportive of the financial services industry's structure and locus, not questioning of it. They reflect the authors' provenance in concentrating on making a better fist of the system that has failed rather than considering alternative structures and wider options.

This is an inevitable consequence of the government's decision to use in­siders to lead and inform its response. Given the mess that accepting conventional wisdom got us into, it is disappointing that alternative ideas are being marginalised at the very time when they are most needed. This can be illustrated by the Bischoff re­port's recommendation that "the government and the industry should lead an informed public debate on the role of financial services in the economy". It is the right idea, in the wrong hands. The combination of misplaced government policy and irresponsible banking was what caused the system to fail. The notion that those deeply involved in the inception of the problem should now be entrusted with leading the public debate on its solution is astonishing.