'Current system not working'
A law firm has told Arch cru investors it is unlikely they will end up receiving the entire £110m redress the Financial Services Authority (FSA) is expecting advisers to pay out.
The Financial Services Compensation Scheme (FSCS) has begun the process of compensating MF Global customers, with private customers with individual accounts the first to receive application forms.
The Royal Bank of Scotland (RBS) should be broken up and the merger of Lloyds TSB and HBOS reversed as part of a radical move to end the "comfortable oligopoly" of the country's high street banks.
Credit rating agency Moody's may downgrade Lloyds Banking Group because of the sick leave taken by chief executive Antonio Horta-Osório, which could hold back the bank's restructuring plans.
Bank of England governor Mervyn King said badly managed banks should be left to fold, as he demanded sweeping powers to force financial institutions to be more transparent.
Santander, the eurozone's biggest bank, said a significant charge for mis-selling payment protection insurance(PPI) hit profits in Q3, but its capital cushion would lift it out of danger territory.