Neil Woodford used to be a financial hero, whose stock-picking expertise benefited even the humblest saver. Now Britain’s best-known fund manager has lost his Midas touch — and his reputation. Worse, his downfall dents public confidence in the whole idea of retail investment.

Ordinary investors cannot be expected to have the time and expertise needed to keep abreast of all the risks they run, from corner-cutting on the rules to rogue egos on the rampage. We rely on others to protect us. But when the salesmen get greedy and regulators get lazy, we are left to conclude that, far from building a stake in the economy’s future, we are playing in a rigged casino. That dooms not only our savings, but jeopardises the future of…