Financial services

If there was any need to highlight the regulatory challenge faced by wealth managers, the FSA ‘Dear CEO' letters have made the issue strikingly clear.

The directors of the troubled £400m Caribbean property investment scheme run by Harlequin Property have been issued with a High Court order freezing their personal assets up to £1.1m.

State-backed Lloyds bank has admitted that it mis-sold Scottish Widows structured products to thousands of customers and has said it will now undertake a review of sales, according to reports.

Chancellor George Osborne has ordered the Treasury to draw up plans for a mass give-away of RBS shares to taxpayers by the next election in 2015, according to reports.

Barclays is at the centre of further scandal after a senior executive quit following revelations he shredded a report which said part of the bank was "out of control".

The scale of the fine due to be levied on the Royal Bank of Scotland (RBS) for its attempts to manipulate the Libor interest rate could be as high as £500m, according to reports.

J.P. Morgan Chase was last night ordered to improve its risk management following a $6.2bn (£3.8bn) derivatives trading loss highlighted by a London-based employee dubbed the "Whale".

Royal London has agreed to change the terms used in its Scottish Life branded unit linked consumer contracts after the Financial Services Authority (FSA) found they may have been unfair.

The FSA is set to probe the asset management industry in a review of the risks of bribery, corruption, sanctions and money laundering, according to law firm Dechert LLP.

Morningstar has revealed how it intends to present past fund performance post-RDR, following the introduction of new ‘clean' share classes.