UK

Royal Bank of Scotland (RBS) reported a return to profit in the first half of the year, as the majority taxpayer owned bank moves towards privatisation.

Royal Bank of Scotland has promoted its head of retail Ross McEwan to the role of chief executive, replacing ousted Stephen Hester.

Butterfield Bank has added to its fund research capabilities, announcing a double hire to strengthen its asset management team.

Jupiter CEO Edward Bonham Carter said the asset manager is unwilling to commit to a new pricing strategy because of continued uncertainty surrounding RDR implementation.

Rathbones' pre-tax profit for the first six months of 2013 rose 17% as the group's total funds under management near the £20bn mark.

Jupiter has reported net mutual fund flows of £426m for the first half of 2013 despite RDR "dampening" UK business.

Lloyds Banking group is back in the black after announcing a pre-tax profit of £2.1bn for the six months to the end of June - and said it is on course to target IFA clients "orphaned" by RDR.

IMA chief executive Daniel Godfrey (pictured) discusses the trade body's initiative to clarify fund charges.

ON UK INCOME

Four individuals have been arrested following house searches carried out by the Financial Conduct Authority (FCA) and Metropolitan Police in West London.