Financial services

Standard Life Investments (SLI) has joined a host of larger fund groups launching low-cost share classes ahead of RDR.

Former boss of Barclays Bob Diamond could be called to Congress to face questions from US politicians, the Guardian reports.

UK banking giant HSBC is planning to apologise to the US Senate following an investigation earlier this year into money laundering.

REGULATION

The estimated value of the remaining assets within the Arch Cru funds has fallen again, reducing the amount of returns to investors being offered by Capita Financial Managers, the authorised corporate director.

Barclays, HSBC, Lloyds and RBS have agreed settlements with the FSA after the regulator found "serious failings" in their sales of interest rate hedging products.

The IMA has called upon groups to enhance transparency on fund charges across all investor-facing documents, as well as giving a more prominent position to the ‘ongoing charge' and provide details of transaction costs.

FUND CHARGES

RBS and Lloyds, the two UK tax-payer backed banks, are among a dozen financial groups being investigated for manipulating the LIBOR rate, which resulted in a record £290m regulator fine for Barclays, it was revealed yesterday.

The FSA has sent letters to IFAs demanding information on their advice around, and dealings with, unregulated collective investment schemes (UCIS) for retail clients over the last four years.