The Financial Services Authority, which the FCA will replace, has published a document called "Journey to the FCA".

BBC: Martin Wheatley

Richard Murphy FCA FRSA is a U.K. chartered accountant, former serial entrepreneur and is currently director of Tax Research U.K. He has been a visiting fellow at several U.K. universities and now works mainly on tax and economic policy issues for a wide range of organizations including the U.K. Trade Union Congress and the Tax Justice Network.

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The figures have been revealed after the city regulator, the Financial Conduct Authority (FCA), issued a warning about interest-only mortgages.

BBC: Interest-only mortgage shortfall 'big problem' for NI

City watchdog the Financial Conduct Authority (FCA) has started a probe into the fiasco in June and July last year, which saw payments go awry, wages appear to go missing and home purchases and holidays interrupted.

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"John Griffith-Jones was subject to a rigorous appointment process by HM Treasury, " the FCA told BBC News.

BBC: David Cameron will not intervene on HBOS titles

Martin Wheatley, the chief executive designate of the FCA, said the new regulator would have a "greater appetite to get things done".

BBC: Martin Wheatley

Sources insist it is not a U-turn and that the Financial Services Bill would already have given the FCA some powers to cap payday loans.

BBC: Payday loan rates 'to be limited'

It also amends the FCA reverse false claims provision to ensure that the knowing retention of an overpayment is a violation.

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