In its Financial Stability Report the International Monetary Fund (IMF) paints a disturbing picture. It says that although banks are far safer than they were in 2008 there are new risks, trade tensions are growing and that moves towards a trade war could “significantly harm global growth”.

Other threats to trade, such as a disorderly Brexit, could also “adversely affect market sentiment”, says the IMF.

A decade on from the peak of the financial crisis, RBS CEO Ross McEwan says the bank’s reputation may take another 10 years to recover as HSBC shells out $765m to the US Department of Justice for selling mortgage-backed securities in the build-up to the financial crisis.

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The Competition and Markets Authority (CMA) says it would probe whether the sector is “competitive and resilient enough to maintain high quality standards”.

The decision follows fears the sector “is not working well for the economy or investors”, the CMA added.