The Serious Fraud Office and the City of London Police plan to retain and develop a lead role in tackling fraud, with the new FBI-style Serious Organised Crime Agency (Soca) focusing on seizing the assets of organised criminals.

Robert Wardle, director of the SFO, said his organisation would continue to investigate “the most serious and complex frauds”, with the financial and money laundering units of the City of London police providing operational back-up and investigating smaller frauds within and beyond the Square Mile.