Financial services

Jérôme Kerviel, the rogue trader who lost €4.9bn at Société Générale, described himself in court yesterday as a fall guy in a plot to hide the bank's exposure to sub-prime lending.

Carbon credits are the latest asset class being targeted by financial services fraudsters, the Daily Telegraph has reported.

The Financial Services Authority (FSA) has warned investors against dealing with clones of Morgan Stanley and Allianz International.

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

GOSLING'S GROUSE

BESPOKE