40th anniversary: in October 1986 the City of London underwent a total transformation in the 'Big Bang', leading to twenty years of dynamic growth which ended in the 2008/9 financial crash, largely as a result of dual capacity and the inability of financial institutions to cope with their conflicts of interest. Today's challenges of Private Equity and the substantial and swiftly growing influence of 'quant' funds are generating a challenge every bit as significant as dual capacity — we need a long-term strategy. Background music: 'Metamorphosis' by Quincas Moreira

Published: Mon 19 October 2026