Andrew Bailey, an executive director of the Bank of England, on November 6 criticised the "proliferation of rules" surrounding bank capital requirements as unhelpful, and called for a return to simplicity.

Speaking at a Bank of America Merrill Lynch conference in London, Bailey acknowledged the need for multiple policy tools to properly supervise the banking system, and the importance of risk-based regulation. Basel I – a significantly shorter document – did more to cause the crisis than Basel