A greater focus on systemic risk in Britain's banks was also suggested by Hector Sants' speech.
The Bank of England could be strengthened in the new post-credit crunch regulatory system, the chief executive of the Financial Services Authority (FSA) has suggested.
In a speech in London, Hector Sants said that a "strengthening" of the powers of the central bank could be a feature of the way things work in future. The idea of greater power-sharing between the City regulator and other authorities has been floated recently by the Conservative party and others.
More generally, the Turner Review, conducted by FSA chairman Lord Turner and released earlier this year, has advocated a stronger line from the regulator over system-wide risk in the banking system. Previously, the FSA has faced criticism for only tackling risk in individual banks in the run-up to the credit crunch - a strategy which some analysts have suggested allowed the firms to pursue dangerous business models which prioritised profits over corporate stability.
Mr Sants said: "In my view, this needs to be done jointly between the central bank and the prudential regulator. Risk identification must involve information from both bottom-up and top-down."
He added: "This approach will need to extend to institutions performing bank-like functions which have in the past escaped our regulatory requirements."
The speech was delivered to the Association of Corporate Treasurers.
