Swathes of global financial regulation drawn up over the past few years will not in themselves prevent another major global financial crisis, Adair Turner, chairman of the UK Financial Services Authority said yesterday evening.

Speaking at Cass Business school, Lord Turner said that the introduction of more stringent capital adequacy requirements under Basel III and measures undertaken by the Financial Stability Board to reduce systemic risk "will make a major difference" but are not "sufficient to ensure financial stability".