UK economy chief has said that more steps are needed in order to make the banks safer in the UK as the current measures do not go far enough in making them stronger.

Andrew Haldane, the Bank of England's executive director for financial stability told MPs that some banks might have to be threatened with compulsory break up to force them to comply with the safety regulations. He was speaking to the Parliamentary Inquiry into Banking Standards.

Haldane called for banks' size to be considered and also said that the banks must be warned that they might be torn apart if they try to evade safety measure. He also said that a ring fence of bank's retail operations, which was recommended by Sir John Vickers' Independent Commission on Banking, should be implemented fully by the banks in the UK.

"We are strongly of the view that full and faithful implementation of Vickers would be a significant and positive step. There are questions about whether it would be sufficient. I would prefer a clearer ring fence in a different place," he said.

He said that this will ensure that the retail-banking arm will be strengthened with separate board, policies and even human resources department.