The Spectator’s Notes: Politicians and bankers both treat their most loyal backers like dirt

The Daily Telegraph’s revelation last Friday that the Financial Conduct Authority was going to arraign companies for 30 years of mis-selling pensions and other products ‘wiped’, as papers like to say, £4 billion off insurance stocks. George Osborne is putting pressure on the chief executive Martin Wheatley to go. The leak was highly embarrassing for the FCA, but the issue itself matters more.