Financial Services Authority chairman Lord Turner has given food for thought for upcoming corporate finance conferences, in a speech where he argued that financial reforms must go beyond those proposed in the Basel III process.

Speaking to the Cass Business School on Wednesday evening, Lord Turner warned that the financial system will continue to transform itself – and that the regulatory system must evolve alongside it.

He also suggested that the financial crash has fundamentally altered some of the assumptions that brought about efficient risk-dispersal in the past.

"The temptation post-crisis is to imagine that if only we can discover and correct specific imperfections – such as bad incentives or industry structure – that a permanently more stable financial system can be achieved," he said.

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