Financial services

The IMA has put forward three proposals to member groups on how to divide up the Absolute Return sector.

The Financial Services Authority (FSA) has fined an independent financial adviser £60,000 for the unsuitable sales of Unregulated Collective Investment Schemes (UCIS) and other non-mainstream investments.

The Serious Fraud Office (SFO) is being asked to explain why it dropped a fraud investigation against a hedge fund manager who was later fined £3m by the Financial Services Authority (FSA) for deceiving clients.

Bloxham Asset Management has been sold to Ireland-based Davy Stockbrokers after its parent group was ordered to cease trading as an inquiry is conducted into accounting irregularities.

Brewin Dolphin reported pre-tax profits for the half year to 31 March 2012 were up 3.3% on the same period last year to £12.3m, while income remained steady at £131.4m

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Smith & Williamson Investment Management is the latest group to add institutional share classes to its entire pooled funds range in preparation for RDR.

Business secretary Vince Cable is a "socialist" who should never have been given responsibility for business policy, Adrian Beecroft has claimed.