Financial watchdogs need more bite to bring shadow banking to heel

Bank of England boss Mark Carney should listen to those who fear regulators need to do more to stop continued bad practice in the financial sector

Behind the easy-going manner, Bank of England governor Mark Carney is angry. The object of his anger is Sir John Vickers, the mild-mannered former deputy governor who keeps telling the world that Carney has gone soft on the bankers.

In recent months, when he hasn't been discussing the impact of the EU referendum, Carney has behaved as if he were a Plantagenet king, dispatching his lieutenants to crush a former friend turned critic. The most recent intervention was led by Martin Taylor, a Barclays chief in the 1990s who sits with Carney on the financial policy committee, the UK's financial watchdog.

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