Sir Howard Davies, chairman of the Financial Services Authority, is no doubt breathing a sigh of relief that last week's annual general meeting was the final one he will have to attend.

Although he made headlines with his own blast against misselling, and promises to extend the probe of split-cap trusts, he had to endure being damned with faint praise by Stewart Boyd, the regulator's deputy chairman, who characterised Davies' term as chairman by saying: "Nothing really bad has happened."