The financial services industry needs global regulations or the systems in place today will not be viable, according to the head of international standard-setter the Financial Stability Board.

The comments from Svein Andresen, secretary general of the FSB, were part of a discussion on the current state of financial regulation with Andreas Dombret, a board member at Germany's central bank the Deutsche Bundesbank, Tom de Swaan, the chairman of Zurich Insurance, and Deutsche Bank's chief regulatory officer Sylvie Matherat.