A senior Conservative MP has branded it “unacceptable” that the UK’s major banks remain too big to fail and warned the country’s industry watchdogs not to give way to lengthy criticism from institutions when implementing post-crisis reforms.

Andrew Tyrie, the chairman of the Treasury Select Committee, on November 16 said in a speech on managing official attitudes to financial regulation that he delivered at an event at the law firm Allen & Overy's London offices that it was "as unacceptable for the public finances as it is unsustainable politically" that the UK's largest banks were not yet in a position to be resolved without taxpayer support.