Jeremy Outen, a former partner at KPMG earning well over £500,000 a year, was chosen to head up a new fraud agency called the Economic Crime Command.

After being put through a host of security checks, it has been reported that the new head of the agency has failed the vetting process, and will now not be taking on the role, reported the Daily Mail.

Despite being given the chance to go through the process again, Mr Outen reportedly declined.

Various reports from media indicate Mr Outen may have failed the checks over his tax affairs, whereas others claim he withdrew his application for personal reasons.

The Serious Organised Crime Agency (SOCA), which will merge with the National Crime Agency later this year, has already experienced a wealth of problems – stemming from the resignation of Chairman, Sir Ian Andrew just weeks ago.

Sir Ian resigned after failing to declare that he owned a private company with his wife, who reportedly works for a consultancy firm involved within the security sector.

SOCA is also facing an inquiry over allegations that it failed to investigate City companies over the employment of private investigators.

Mr Outen told the Daily Mail: “The reason I’m leaving, or not joining, is entirely personal. It is personal to me and it is not something I really want to discuss.

“I know that people want to know what it is but I am not going to tell anybody what it is and there we are.”

Officials have indicated that a replacement will be found in due course, amid the launch of the NCA later in the year.