The Financial Services Authority may be on its way to a new life as two separate agencies, but Tracey McDermott, the acting director of enforcement and financial crime at the FSA, wants the City of London to know that her division’s tougher stance will continue as it becomes the Financial Conduct Authority.

Financial News spoke with McDermott about her unit's efforts to crack down on senior management, publish details of warning notices sooner and spruce up the City's behaviour.