Post-crisis, there has been a comprehensive reassessment internationally of the approaches to financial regulation marked by clear shift in preferred models. The realignment in UK with the prudential regulation coming back to the Bank of England was the strongest statement against the pre-crisis regulatory philosophy which lies at the core of some of the current proposals. 45.
We are fortunately not faced with severe system failures, the key trigger for other countries to overhaul their frameworks. There is therefore no reason for a hasty, radical revamping.