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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:

Read More: Queen on financial regulator FSA: 'It didn't have any teeth'

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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.

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Nick Clegg announces more city powers

Nick Clegg will announce a raft of new powers and extra cash for some of England's largest cities today.

Nick Clegg Credit: PA Archive

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.

Lloyds reveals lower-than-expected profits

Women use a Lloyds ATM machine
Women use a Lloyds ATM machine Credit: Reuters

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.

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