The former boss of failed investment firm Keydata is suing the regulator for £371m, accusing it of a "politically motivated" abuse of power.

Eighteen websites have been suspended and arrests made during a campaign, being revamped on Thursday, against pensions liberation schemes.

The Financial Conduct Authority (FCA) has used its suspension power for the first time to ban two of the Financial group's subsidiaries, network Financial and separate firm Investments, from recruiting new appointed representatives (ARs).

The financial services industry faces a new levy as part of plans to provide savers with free independent guidance from the Money Advice Service (MAS) and The Pensions Advisory Service (TPAS) upon retirement, the government has said.

The UK economy will grow faster in 2014 than any other G7 economy, while low wage rises will ensure interest rates do not rise until next year, an influential report has forecast.

Financial Services Compensation Scheme (FSCS) chief executive Mark Neale has said next year the service hopes to be able to publish a full account of what it has clawed back from firms who mis-sold Keydata products.

Former government chief whip Andrew Mitchell has invested in a high-profile film financing company considered to be a tax avoidance scheme by HMRC, according to reports.

The Financial Conduct Authority (FCA) is attempting to broker a redress deal for investors in the failed Connaught Series 1 fund.

A list of tax avoidance schemes whose users may be required to make an upfront payment of tax has been published by HM Revenue & Customs (HMRC).