The Bank of England doesn't mince its words in the latest Financial Stability Report - Risk News here, the full document (78 page pdf) here. The main theme seems to be one of complacency... of course, it's still being argued how much of that should attach to the Bank too. Alea highlights the report's recommendations on rating agencies (or see page 58 of the report).

And Alistair Darling says that the regulatory system needs refining:

The chancellor also said that there needed to be “better regulation to stop banks hiding things off balance sheet,” a reference to international efforts to inject more transparency into the financial system.

It'll be very interesting to see what happens - especially to the FSA, which seems to be in the weakest position of the three UK regulators (FSA, Bank and Treasury). Some sort of reform, even if only cosmetic, will be unavoidable.