Federal Reserve Chairman Ben Bernanke outlined how the Fed is trying to turn to a more industry-wide approach from one that looked at banks individually, an article in Bloomberg reports.

According to the article, Bernanke said more work needs to be done to better prepare investors and other market participants to deal with the potential consequences of a default by a large participant in the market. 

Bernanke still mentioned that the perception among investors that the largest banks are still too big to fail is "a very big issue."

"We will not have completed the goals of financial regulatory reform unless we adequately address this issue," he said in a question-and-answer period.