Markets

The LIBOR system is "broken and needs a complete overhaul", according to Financial Services Authority (FSA) head of conduct Martin Wheatley.

James Senior, head of marketing at Ignis, has left the firm with immediate effect.

Lloyds Banking Group (LBG) will no longer offer a mass market investment advice service for clients with less than £100,000 to invest.

UK SPECIAL

UK GDP growth has been revised slightly upwards to a contraction of 0.4% in Q2, according to the final estimate from the Office for National Statistics.

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EUROPE

Fidelity's veteran investor Anthony Bolton said analysts predicting a shock fall in Chinese GDP growth will be proved wrong in the coming months.

The FTSE 100 was off over 1% mid-afternoon as investors spooked by the latest developments in Spain took risk off the table.

John Ions, chief executive of Liontrust, has warned asset managers they face a threat from the growing power of distributors as the RDR approaches.