The news this week that the FCA will commission an independent report into its handling of the LC&F mini-bond scandal is not an admission of guilt but it is perhaps the first sign that regulation failed investors who had the misfortune to use this company.

The news this week that 21-year-old Declan Healy has graduated from the PFS apprenticeship scheme with a distinction - the first time the highest honour has been achieved - is immensely encouraging for two reasons.