Financial services

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.

JPMorgan Chase & Co has sold off around 70% of the ‘London Whale' position which caused $2bn of trading losses for the investment bank, according to reports.

Banks should use the row over the sail of complex financial instruments to small businesses to overhaul their customer relationships and link pay to customer service, according to Hector Sants.

China is looking at relaxing rules for foreign investment in its financial markets in a bid to stimulate its domestic economy.