Insurance

Skipton Building Society is to sell its advice arm Torquil Clark to national wealth manager Bellpenny for an undisclosed sum.

The first significant lawsuit from the Keydata scandal has been issued against US-based brokerage CRT Capital, according to the Financial Times.

Wonga, the UK's largest payday lender, has been forced to repay £2.6m to customers by the Financial Conduct Authority (FCA) after the regulator found it sent fake legal letters to borrowers.

Wealth manager Towry has agreed a £70m refinancing deal which will reduce its cost of capital and give it cash for acquisitions.

Alan Custis and Alan Clifford have stuck with insurers amid early signs the sector is rebounding from the sharp falls sparked by Chancellor George Osborne's move to change the pensions landscape.

Towry's chief executive Andrew Fisher is to leave the firm, with former Prudential UK chief Rob Devey to take over the role.

Financial advisory businesses will contribute £68m to the Financial Conduct Authority's funding requirement for 2014-2015, a near-19% reduction on last year following a re-working of the regulator's fee blocks.

Ensuring direct-to-consumer (D2C) platforms do not stray into advice has become an "obsession" that is ultimately stunting innovation, a report has concluded.

UK platform Skandia has reported profits of £13m in 2013, up from £2m in 2012, after net inflows of over £2bn last year.

A private equity firm has bought a majority stake in national financial advisory business Succession.