Prudential Regulation Authority governor Andrew Bailey says preventing another financial crisis is a work "in progress"

Jessica Morris
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Bailey will succeed Martin Wheatley as head of the FCA (Source: Getty)

The Bank of England's Andrew Bailey has said that creating a more stable financial system to prevent another financial crisis is still a work "in progress".

Speaking at the International Financial Services Forum in Dublin, he said: "The work is still in progress and thus for us very much a matter of debate."

Market turmoil since the beginning of this year has led some commentators to sound the alarm over global stability. Legendary fund manager George Soros compared the current climate to that of the financial crisis in 2008, while Chancellor George Osborne has said the UK economy faces a cocktail of threats.

Bailey, who has been named as the successor to former Financial Conduct Authority boss Martin Wheatley, was speaking in his current capacity as deputy governor of the Prudential Regulation Authority.

He said that the post-crisis regulatory response had strengthened the ability of banks to absorb losses, and also enabled greater clarity between the different forms of the firms' liabilities.

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