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.

The FSA has issued further guidance for structured product firms after identifying weaknesses in the way providers design and approve the products.

Royal London Asset Management's(RLAM) net new business fell 66% to £218m for the nine months to 30 September 2011, as market volatility took its toll on sales.

Standard Life Investments'(SLI) third party net flows were £3.5bn for the first nine months of 2011 as sales into funds including the GARS range remained buoyant.

Henderson saw £692m of net outflows from its retail range and £254m from the acquired Gartmore funds in Q3 with market uncertainty hitting sales.

Barclays reported Q3 profits rose 5%, beating estimates, despite the sovereign debt crisis hurting investment banking revenues.

Veteran investor George Soros has attacked the lack of leadership at the top of the eurozone and warned the new rescue deal to solve the debt crisis will only last between "one day and three months".

Leading funds and the ABI are working on proposals to prevent newly listed companies from entering the FTSE 100 or other leading indices until after a three-month cooling-off period.

Another week another damaging story for the structured products industry. The headline ‘FSA fines Credit Suisse UK £5.95m for structured product failings' undoubtedly sent terror into the hearts of investors.

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.