The Queen has suggested that the 2008 financial crisis was partly brought about by complacency in the City and a regulator that "didn't have any teeth."
Speaking to staff after a tour of the Bank of England, she is heard to ask:
"A lot was going on under the surface that perhaps regulators weren't so focussed on," she is told. She replied:
The Financial Services Authority (FSA) responded to say they agreed with the Queen. In a statement released this evening they said:
The Bank of England said they were "very grateful to Her Majesty" for taking "such an interest in its work".