The claim is too absolute. Official Bank of England material describes the early-1980s City regime as a "light-handed regulatory regime," not a system with no oversight at all, and the 1986 reforms were designed to create an "open but well-regulated financial centre." (bankofengland.co.uk) The Financial Services Act 1986 also defined self-regulating organisations as bodies that enforce binding rules, including rules on admission and expulsion of members, which is clear evidence of accountability mechanisms. (legislation.gov.uk) So while the City may have had limited or informal accountability in practice, "there was no accountability whatsoever" overstates the reality and is false. Sources: Bank of England, "Regulation in financial markets"; Bank of England, "City regulation after Big Bang"; Financial Services Act 1986 (legislation.gov.uk).