The banking crash seven years on: it's not yet business as usual

Senior bankers are moaning about overregulation, but with the government still owning major stakes in banks this is no time to water down the rules

Seven years ago this week, Gordon Brown - the then prime minister - was in full combat mode. Royal Bank of Scotland (RBS) and HBOS were on the brink of collapse and risked bringing down the rest of the financial system with them. Brown was left with little option but to step in with billions of pounds of taxpayers' money to act as a "rock of stability" to prevent the financial sector collapsing.

The intervening years have led to soul-searching through inquiries and changes in the rules about the amount - and type - of capital banks must hold to protect against collapse. Rules about the way bonuses are paid to top bankers have changed: deferral and payment in shares are now the norm for the most senior bankers. Changes are also being made to the way banks are structured following the recommendations by the Independent Commission on Banking, chaired by Sir John Vickers.