There is a glacial pace to activity at Britain’s main financial watchdog. Partly that is the fault of Brexit, which has robbed the organisation of funds and to some extent the energy needed to think of anything other than how quitting the European Union will affect the City. But its clear from the Financial Conduct Authority’s plan for the year ahead that much of the delay is not Brexit-related, but stems from a deep-seated reticence to interfere in the workings…