Insurance

Restricted adviser network Sesame would be broke and unable to trade without the continued financial support of its parent company Friends Life, Aviva has said in a note to shareholders ahead of its planned acquisition of the provider.

Aviva's £5.1bn acquisition of Friends Life could see as many as 1,500 jobs cut, the company has said.

The Financial Conduct Authority (FCA) has apologised for shortcomings in its handling of a media briefing ahead of the publication of its latest business review, saying it accepts the criticisms and will implement changes to "sharpen its focus".

Scottish advisers are overwhelmingly against an independent Scotland, according to figures from a Personal Finance Society (PFS) poll.

John Betteridge, the former chief investment officer of Prudential's UK insurance division, has joined Rowan Dartington to head its asset allocation team.

Advisory and wrap business Raymond James Investment Services has consolidated its return to profit, generating almost £235,000 in 2013.

Product provider Aegon has distanced itself from a view attributed to its head of marketing that advisers have been "disintermediated" and that its future lies in direct relationships with consumers.

A financial adviser has been jailed for five years for stealing a total of £85,000 from his victims in a theft campaign targeting the elderly and the recently bereaved.

UK IFAs are among hundreds of creditors facing severe losses in a £60m investment scheme marketed as low risk but "tainted with illegality", according to the firm's liquidators.

Legal & General (L&G), the country's biggest pension fund manager, is set to end its membership of the Association of British Insurers (ABI), according to reports.