We need more common sense not more rules

Commenting on the Government's bank reforms, David Kuo, Director at Fool.co.uk, says: "Today's announcement is nothing more than spray painting a rust-heap.

"The tripartite regulatory system hasn't worked, the Financial Services Authority hasn't worked and Gordon Brown's master plan to eradicate the boom-bust cycle hasn't worked.

"We don't need regulators with more powers but more accountable regulators with enough common sense to prick asset bubbles before they become unmanageable.

"Truth is we will always have boom and bust cycles and investors must appreciate that a shock to the economic system is always just around the corner.

"The solution is not over-regulation but instead to show investors how to protect their wealth against unforeseen events."