The Treasury Select Committee (TSC) has called for a 12 month delay to the RDR to enable more advisers to reach Level 4, among a series of other concessions, but the FSA has flatly refused any negotiation on a change to its plans.

The industry is split on the merits of the Treasury Select Committee's (TSC) key recommendation to delay the RDR for 12 months until 1 January 2014.

Raings agency Fitch has branded European Absolute Return (AR) funds "prone to performace disappointment" and "mis-selling" to unsophisticated investors.

All major global indices posted substantial losses in early trading over growing concerns the debt crisis in the eurozone may spread to Italy and Spain.

European leaders last night bowed to the inevitable and conceded Greece is likely to default on its massive debt burden, which would be a first among the 17 countries using the euro, according to reports.

Cru investment management founder Jon Maguire cashed in his £150,000 investment in Arch cru just 14 weeks before the fund range was suspended, and while his firm was still promoting the troubled fund to other investors.

Former chairman of the Investment Management Association (IMA) and previous chief executive of F&C Asset Management Robert Jenkins has been appointed as an external member of the interim Financial Policy Committee (FPC).

A former Citigroup vice president has been charged with stealing more than $19m (£12m) from the bank in what a U.S. prosecutor called "the ultimate inside job."

The FSA and Capita Financial Managers Limited (CFM), BNY Mellon Trust & Depositary (BNY) and HSBC Bank (HSBC) have confirmed the voluntary establishment of a £54m package for Arch cru investors.

Pressure is mounting on the Treasury over Arch cru today after a second MP called for the government to step in and investigate the role of the Financial Services Authority (FSA) in the failure of the cru fund range.