FCA head could charge bankers

Martin Wheatley, the head of the new banking regulator the Financial Conduct Authority, has promised tougher clampdowns on bankers who flout regulations, raising the prospect of criminal prosecutions. “In the future we want individuals held to account,” Wheatley told The Independent newspaper. “If there are failures in the future we want individuals held to account,” he said, claiming that fines were not effective.

“Ultimately the shareholders pay and it gets written off,” he added.