The Financial Conduct Authority (FCA) has fined Xcap Securities, a retail investment and capital markets business, £120,900 for failing to adequately protect client money and client assets.

Charles Stanley has reported an 8% increase in adjusted pre-tax profit for 2012-13 but lamented that an 'unfair' Financial Services Compensation Scheme levy knocked final figures.

Vanguard managing director Thomas Rampulla and AXA IM UK head Irshaad Ahmad have joined the IMA board, boosting total numbers to 18.

Neil Woodford's £13.7bn High Income fund is at risk of being expelled from the IMA UK Equity Income sector at the end of 2013 if its historic yield does not improve.

What happens when the tap is turned off? UK equities posted their 12th consecutive month of gains in May, but our most read stories at the start of June suggest investors will be increasingly nervous in the months ahead.

The Bank of England has opted against further quantitative easing at Mervyn King's final Monetary Policy Committee meeting, dashing the governor's hopes of more stimulus.

AXA IM's global head of fixed income Theo Zemek has warned bond markets are becoming increasingly unpredictable and says investors "should not touch" long-dated debt of any variety.

Concerns over a potential end to US quantitative easing saw global fixed income markets slump in May, but further sudden sell-offs may be less likely.

Artemis has poached Richard Pursglove from Goldman Sachs Asset Management to head its retail business.

Leading UK equity managers are backing housebuilder shares as government policies set the scene for further outperformance.