There was some accountability in the 1980s City, but it was mostly informal and club-like rather than a strong formal regulatory system. The Bank of England said the post-‘Big Bang’ environment increased risks and conflicts of interest and therefore needed stronger regulation and investor protection, while a later Guardian history describes the late-1980s City as operating on personal trust, with blackballing as the main sanction. Contemporaneous reporting also shows that City employees and executives were indeed fired or laid off after scandals and losses. So Farage’s claim is broadly right in the narrow sense that bad performance could quickly cost you your job, but it is misleading if read as saying the City had robust, comprehensive accountability throughout the decade. (bankofengland.co.uk) Sources: Bank of England, "City regulation after Big Bang - Governors speech"; The Guardian, "Special report: an outsider’s guide to the City of London"; UPI Archives, "London hit by first post-Big Bang scandal"; Los Angeles Times, "British Bank Halts Securities Trading, Cuts Staff".