It was a political failure; a regulatory failure; and a market failure too.

We believe government is not fully accepting its responsibility and hiding what is essentially a massive regulatory failure.

Penrose deemed the regulatory failures were secondary and the public expected too much of the regulators.

But his report also reveals an astonishing regulatory failure.

Now, however, a once-proud taxi industry is on a downward spiral after a decade of government inaction and regulatory failure.

Several major regulatory failures have produced international scandals:

"An incremental approach is a setup for regulatory failure," Mr. Smith said.

In December, the European Parliament issued a press release describing the regulatory failure as an outrage.

The committee has recommended that there is an automatic inquiry triggered after every incident of substantial regulatory failure.

There were clearly regulatory failures leading up to the crisis and that has to be addressed.