Recently, Bank of England Governor Mervyn King shared with a cross-party commission that it is a "false paradise" to address deposits as "safe" in banks that are "investing in risky assets" continually.

Mr. King stressed that the root of the problem is "the inherent riskiness in the structure of the banking system".

The Future of Banking Commission, whose high profile members include the ex-Shadow Home Secretary David Davis, the Shadow Chancellor for the Libera Democrats Vince Cable, and Chairman of the Treasury Select Committee John McFall, among others, is looking to publish recommendations for long-term reforms after election.

Today, Mr. King warned that only "radical restructuring" would help the economy and the banks. "Don't pretend that regulators can stop banks taking risks that will one day turn out to be serious", he said.

"My fear would be that we will have this debate, and not very much will happen, a sort of Basel III. But this won't actually prevent the next crisis, [and] the next crisis will be even bigger", he warned, while calling for quick measures.