This is the Guardian getting causation extremely wrong.
I don't think causation runs one way. The financial industry & "Government" aren't clearly delineated. You can see this all the time in "compliance." Banks will commonly cite "compliance," essentially blaming the regulator for various policies. If you ask the regulator itself, they'll generally consider a lot of that stuff bank policy.
The way in which banking regulation works in practice creates a ton of ambiguities like this. "Compliance" is basically the area between regulation and internal policy. One firm will adopt a policy, which has all sorts of compliance implications. Another will copy them. The regulator grows to expect it, and it develops from there.
I don't think causation runs one way. The financial industry & "Government" aren't clearly delineated. You can see this all the time in "compliance." Banks will commonly cite "compliance," essentially blaming the regulator for various policies. If you ask the regulator itself, they'll generally consider a lot of that stuff bank policy.
The way in which banking regulation works in practice creates a ton of ambiguities like this. "Compliance" is basically the area between regulation and internal policy. One firm will adopt a policy, which has all sorts of compliance implications. Another will copy them. The regulator grows to expect it, and it develops from there.
Market centralisation encourages this a lot.