Commenting on the resignation of Hector Sants, chief executive of the Financial Services Authority, he said: "We are still in the middle of a crisis and the FSA has an important part to play in effecting far reaching and lasting change.
"There were failures in the past but the resignation of Hector Sants will plunge the FSA into a great deal of uncertainty.
"We don't know if this decision is a direct result of the Tories' stance on the FSA's future but what we can say is that their proposals are creating uncertainty for an organisation that has a vital role to play."
