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.
More top news
Exit polls show Merkel is likely to remain as chancellor but a far-right anti-migrant group is set to enter Parliament for the first time.
Police have foiled seven terror attacks since the Westminster atrocity in March, London Mayor Sadiq Khan has revealed.
Cumbria Police have been forced to rescue a group of hikers from a mountain who were unable to walk after consuming cannabis.