Queen blames 'toothless' FSA

10:40 pm, Thu 13 Dec 2012

Prince Philip warns bankers 'don't do it again'

The Queen suggested today that the City regulator, the FSA, had been too lax and toothless in the run up to the financial crisis in 2008.

Prince Philip, who accompanied the Queen to the Bank of England, warned bankers not to let the crisis happen again.

Royal Correspondent Tim Ewart reports:

8:20 pm, Thu 13 Dec 2012

Queen says City regulator 'didn't have any teeth'

During a visit to the bank of England earlier today the Queen suggested the 2008 financial crisis was partly brought about by the fact that the City regulator, the FSA, "didn't have any teeth. " Royal Correspondent Tim Ewart reports.

Report: Philip to Bank of England staff: 'Don't do it again'

During their visit to the Bank of England and their discussion of the 2008 financial crisis, the London Evening Standard reports that the Duke of Edinburgh told staff: "There's not another one coming, is there?" before adding: "Don't do it again."

6:08 pm, Thu 13 Dec 2012

FSA: Queen was right about our role in the financial crisis

The City watchdog, the Financial Services Authority, has responded to the Queen's comments that it "didn't have any teeth" to deal with the financial crisis in 2008:

We've widely acknowledged that the regulatory approach before the financial crisis in 2008 was flawed and has since been completely changed.

Parliament is now awaiting Royal Assent for the Financial Services Bill, which will determine the powers for the new regulators that will be created next year.

Watch the Queen's comments here.