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'London is now the fraud capital of the world and the profits are astronomical,' claims fraud investigator RICHARD JURGENSON. Police, lawyers and civil servants all agree that millions of pounds disappear through fraud every year in the City of London. Yet the detection and conviction rate, admits the Attorney-General, is 'disappointingly low' . Scandals at Lloyds, at the Stock Exchange and in the banks have revealed that at a time when fraud is becoming more complex, the policing of Britain's financial institutions is splintered and weak. Having failed to successfully defeat city crime, the government now proposes that the financiers should police themselves. 'A sure recipe for bigger frauds,' is the cynical conclusion of city insiders . Will Hutton reports on the new system where the poachers will become gamekeepers.