Brad Fried

Andrew Hill

Britain’s Independent Commission on Banking may have started the practical process of ring-fencing banks against disaster. But the commission has no mandate to expose the truth of what went wrong in the financial crisis (including, it has to be said, the complicity of ordinary borrowers) let alone heal the trauma it caused.

Brad Fried, former chief executive of Investec, thinks that if an honest, open analysis of the causes of the crisis is not carried out, there is a risk that the UK, and the financial world, will repeat the same mistakes.