The UK needs to improve its existing national
financial regulations, according to the chairman of PricewaterhouseCoopers.
Ian Powell, speaking at the firm's Building Public Trust Awards, has said that existing beliefs that new regulations which "cope with the last crisis will prevent the next one" have not proved successful.
He added that many have been added with additional cost and complexities but with "no real benefit".
Mr Powell claims that the
financial industry should improve existing regulations as opposed to adding new ones.
He said: "I hope this time around we will see some real dialogue between leading regulators and market participants around the world.
"Working toward consistent regulations that are well considered - based on a real appreciation of the costs and benefits."
Alistair Darling recently called for the
Financial Services Authority to be given increased powers to help the UK's financial system.
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