Financial regulation has done little or nothing to improve stability in the financial services market, one of the largest financial companies warned on Tuesday.

35 percent of financial services professionals polled believe that recent regulation has had little or no impact on financial stability, according to the latest Outlook report from Duff and Phelps.

17 percent believe that regulation has actually made the financial services world less stable. Nearly a decade on from the 2008 financial crisis, just 10 percent of senior executives surveyed say they believe changes to regulation have fully addressed the risk of a future crash.

Julian Korek, Global Head of Compliance and Regulatory Consulting at Duff & Phelps, commented on the findings:

“More needs to be done to build stability in financial services and ensure the system is resilient in future, for both banks and the alternative investment industry.

“The major regulatory bodies have been very clear about future areas of focus and concern, but the fact that so many still think there is potential for another crash is worrying – even without Trump or Brexit potentially taking the market down a quite different regulatory path.”

Looking towards Brexit, over half of those in the industry involved in the survey believed the UK’s break with European legislation will have an impact on their compliance procedures. 35 percent believe that Brexit will have a short term impact on compliance arrangements, whilst a quarter expect the impact to be felt in over 18 months.

However, Korek concluded:

“Regulators have gone some way to help rebuild trust in financial services. Firms therefore have an important role when it comes to maintaining investor confidence in the sector and ensuring transparency is evident in all their operations and governance going forwards.”