"Fast and Loose" may mean rushing changes through with unrealistic timelines, outsourcing the software development or/and infrastructure management to the cheapest location possible, sacking onshore experts to save money, etc. The UK Government is fully complicit, as their support for RBS (owned by the Government themselves) during their ruthless cost-cutting showed.
Banks are of systemic importance. People suffer if they can't make payments on time or can't access money that's needed for something essential. But the systemic importance is not reflected in the legislation: we have a situation where Banks outsource their IT to Indian service companies and do their upmost to move the "heavy lifting" of software development to the cheapest location they can find, while the social networks and search engines are recruiting the top talent.