New financial chief policeman says banking industry has 'a big wake-up call coming'

Martin Wheatley gives a speech on his recommendations for reforming the Libor system Credit: Lewis Whyld/PA Wire/Press Association Images

Britain's new chief financial policeman has issued a harsh message to the City, saying: "we have barely got started."

In an interview with the Independent, Martin Wheatley, the head of the Financial Conduct Authority, warns that people who believe watchdogs are too tough have "a big wake-up call coming".