It has been found that just 10% of senior executives believe that regulation has fully removed the risk of another financial crash, according to research by Duff & Phelps.
Its Global Regulatory Outlook 2017 report shows that 35% of financial services professionals believe that regulation has done nothing or little to improve stability, while 17% think it has created instability.
In addition, although 55% of the professionals studied said that they thought the risk of another financial crash had been partly addressed by regulatory networks, 33% believe them to be inadequate.
Duff & Phelps compliance and regulatory consulting global head, Julian Korek, said: "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.
"Even now, a decade on, most people in the financial services sector are not confident that the risks that caused the crisis have really been managed. 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."
The research involved surveying nearly 200 professionals, finding that, with the future of the financial passport still unclear, 62% of firms believe that Brexit will have an impact on their compliance arrangements.
However, it was not clear when this would be felt, with 35% saying that the UK's exit from the EU will have a short-term impact on compliance arrangements, while 27% expect it to be felt after 18 months.
"Recent political turmoil coupled with scepticism regarding the efficacy of financial regulations means uncertainty reigns in most financial compliance departments today," Korek continued.
"Although the UK is expected to be in a good position in terms of third country equivalence, firms are looking for further stability from regulators. Fund managers and bankers clearly lack confidence in the current regulatory regime.
"That said, 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."
