On the eve of a new mission statement from the UK's Financial Conduct Authority, the country's financial regulators have been warned big change is needed to avoid sleepwalking into the next crisis.

In a 150-page report published on October 24, Cass Business School and New City Agenda - a think tank set up in 2014 by former Treasury Committee chairman Lord McFall, Lord Sharkey and Brexit Secretary David Davis - put forward 39 recommendations for change.