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Lord Adair Turner said that in the wake of the global economic crisis banks will soon be subject to a new regime of hard-line regulation, reports the Times.
In an interview with the Financial Times, Lord Adair said there is no chance of the UK succumbing to a depression like the one witnessed between 1929 and 1933.
He also said the FSA would have to recruit more staff and be prepared to pay higher salaries to employees.
"We will pay more than necessary to attract the correct quality of people from outside," he commented.
The FSA is an independent body charged with regulating the financial services industry in the UK.
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