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The Bank of England's chief economist says regulators and bankers still have a long way to go before the financial system is in an ideal state.

Speaking to 5 live's Wake Up To Money, Andy Haldane said despite lots more regulation and big changes in the industry since the banking crisis, it would be "extraordinary" to think the financial system was in a "perfect spot".

Mr Haldane said: "There has been a vast raft of regulatory initiatives over the course of the past few years which is a reflection of just how vast the failings were during the course of the crisis.

"I think within financial firms themselves we have seen changes of personnel. We have seen changes of culture, people have learnt their lessons to some degree.

"Do we think this is job done? Do we think as regulators, as bankers, that the system is now as good as it can be? I think that would be extraordinary, actually, if after all this change we thought we'd landed in a perfect spot."