The world’s top banking regulators moved to tighten the screw on the industry on Wednesday with new rules aimed at preventing a repeat of the crisis that has rocked the financial system.

The proposals from the Basel Committee on Banking Supervision, which sets global standards for banking regulation, underline the determination to press ahead with specific measures quickly in the aftermath of the credit turmoil, which has exposed glaring weaknesses in the global regulatory structure. “There is huge political pressure to be seen to do something – there has to be action,” said one senior US policymaker.