The subject needs to be viewed in the context of a country and the circumstances, especially the institutional history. The choice should not be made as a measure of "doing something" to meet pressing demands. The choice need not be made in extremes of single and multiple regulators since there are possibilities of hybrids and supplementing arrangements.
The improved regulatory and supervisory framework has allowed considerable progress to be made in terms of reducing risks. The Common Equity Tier 1 ratio of large banks has increased from 9.7% in 2008 to over 14% today. Leverage ratios have risen from 3.7% to 5.8%. And banks have much more stable liquidity and funding.