Credit Suisse’s chief compliance and regulatory affairs officer says excessive regulation has stifled innovation in the banking industry, but hopes that a closer relationship between firms and regulators will encourage new thinking.

In a video interview at the World Economic Forum in Davos, published on the Swiss bank’s YouTube account, Lara Warner said that although the regulatory goals of “standards and level playing fields” were admirable, regulation had “a negative impact on innovation and entrepreneurial drive over the last several years”.