Chairman of the Financial Services authority Lord Turner has called for caution in financial regulation, to ensure the "intellectual failure" of the financial crisis is not repeated.

His comments follow a speech in the City of London in which he called an end of the "demonization" of well paid people in the financial sector.

The issue, he explained to Today presenter James Naughtie, was not that criticising pay was wrong, but that the underlying causes of the problem - poor regulation - and not their effects should be the focus of debate.

"We must be cautious to make sure that we don't enjoy a boom that ends in a bust," he said.

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