In an article published in the Guardian today (15 November), external member of the Bank of England's financial policy committee Robert Jenkins has urged the government to implement an immediate overhaul of this arena.
Earlier in the year, the Vickers review urged the Conservative-Liberal Democrat alliance to make changes in the industry to avoid any repeat of the recent economic downturn.
However, the fact this gave banks the opportunity to delay introducing alterations until 2019 has been criticised by Mr Jenkins, who believes now is the time for a revamp to happen.
"Why are we timid when it comes to financial reform? Is it that we are intimidated by those for whom the reforms are destined?" he asked.
These comments came after Chris Lucas, finance director at Barclays, wrote a letter in the Financial Times calling for banking regulations in both Europe and the US to undergo changes.
By Claire Archer