The Conservative Party’s plan to reform the system of banking regulation have been criticised by Complinet, a provider of regulatory information and insight

It argues that a poor compliance culture and a cycle of greed have led to market failure, and that the Tories’ proposal to replace the Financial Services Authority with a Consumer Protection Agency is not going to make the slightest bit of difference

Chris Pilling, CEO of Complinet, said: “It doesn’t matter what tools you use or whether they are being wielded by the Treasury