Bank lobby needs 'ground rules' to prevent another crisis

Britain's top bank regulator has called for 'ground rules' on lobbying to prevent it destabilising the financial system.

Andrew Bailey, (pictured), deputy governor for prudential regulation, called for a crackdown on "private lobbying" as he blamed it for contributing to the crash of 2008, the Daily Telegraph reports. "There was great pressure on regulators to back off because we were in good times," he said. His comments followed the outgoing Governor's attack on the banks for putting "tremendous pressure" on both the Prime Minister and the Chancellor. Sir Mervyn King said on Tuesday: "There were certainly calls made to Number 11 and even to Number 10 to try and put pressure on supervisors to modify...