Regulators must looks to fundamentally reshape existing financial institutions and market structures rather than simply write tougher rules for existing ones if we are to avoid the mistakes of the past, according to the Bank of England’s executive director for financial stability.

In an interview in Central Banking journal, Andrew Haldane, who became the Bank of England's most senior figure on issues of financial stability in January 2009, said 'more of the same but, better' was not good enough.