Shine a spotlight on shadow banking | Business

Some financial blow-ups seem to come out of nowhere. But politicians and regulators must have noticed Lex Greensill. The Aussie financier was part of the British establishment. In 2017, Prince Charles presented him with a CBE for “services to the economy”. A year later, the former PM David Cameron became an adviser to the firm he founded, Greensill Capital.

So, now that business has keeled over putting 5,000 UK steel workers’ jobs at risk — via a labyrinthine financing chain — questions are being asked. After the London Capital & Finance, Woodford and Lendy farragos, the broad brush one is pretty familiar: is Britain’s system of financial regulation up to snuff? But, then, there’s something more specific: do our regulators have either the powers or