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.
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.
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."
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:
Nick Clegg will announce a raft of new powers and extra cash for some of England's largest cities today.
During a visit to Yorkshire, the Deputy Prime Minister is expected to reveal plans to transfer more economic controls to local politicians under the Government's city deal scheme.
Taxpayer-backed Lloyds Banking Group has revealed lower-than-expected profits after it took an additional £375 million hit to cover payment protection insurance (PPI) claims.
The 40 per cent state-owned bank has now set aside nearly £3.8 billion to deal with PPI compensation after a recent increase in the volume of claims.
Lloyds, which warned that the final cost of the PPI mis-selling scandal may change, revealed pre-tax profits of £288 million for the three months to March 31, compared with £316 million in the previous quarter and City expectations of £500 million.