The problems in the system were highlighted by Northern Rock's failure
There has been fresh criticism of the way banks were supervised by the Treasury, Bank of England and Financial Services Authority (FSA).
The House of Lords Economic Affairs Committee said the so-called tripartite system had failed and must be reformed.
Its defects were highlighted by the failure of Northern Rock.
The report said the problem was that it was not clear who would be in charge in a crisis. It said the Bank of England should get a clear executive role.
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