Ex law chief in UK compares bankers to 'street muggers'

The British system for regulating financial markets is "completely broken" with basic safeguards "shockingly absent", the UK's former chief prosecutor warned today.

Writing in The Times newspaper, Ken Macdonald, QC, who was Director of Public Prosecutions between 2003 and 2008, said that the UK needed a new financial regulator that inspired respect "and, when it's needed, fear".