Regulation must be consistent around the world to avoid putting some banks at a competitive disadvantage, Barclays President Bob Diamond said Monday, days after the U.K. government said it will impose a new levy and just weeks before European Union rules on bank pay take effect.

Speaking at the annual conference of the business lobbying group, the Confederation of British Industry, he also said banks should be allowed to fail.

"Strong banks want strong regulation," Diamond said. "We certainly don't want to go through a similar crisis again, and no bank should ever receive taxpayer money."

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