As leaders of the G20 nations meet, a year on from the height of the global banking crisis, a senior City broker has said that "nothing much has changed" in the way that banks are regulated.

Terry Smith, chief executive of Tullett Prebon, told the programme that although banks are now required to hold more capital and are revising their rules on bonuses, fundamental changes to the system amounted to "something around nothing at all". And he warned that, without a fundamental reorganisation, the banking system risks "a return to the bad old days".

Robert Peston, Steven Bell, chief economist at GLC Hedge Fund and Terry Smith, chief executive of Tullett Prebon, discuss what can be achieved at the meeting.