Financial services

The FSA has hinted it may impose stricter regulatory requirements on firms recommending traded life policy investments (TLPIs) after issuing final guidance stating they should not be promoted to most retail investors.

Poor corporate governance in banks must be "urgently" addressed as it can ultimately lead to their failure, said Financial Services Authority (FSA) chief executive Hector Sants.

The IMA is consulting its members over changes to the fixed income sectors, including limiting exposure to asset backed securities and reviewing the classification of short-term bonds as cash.

Former Icelandic Prime Minister Geir Haarde has been found guilty of one of four charges of negligence relating to the collapse of the country's banks during the 2008 financial crisis.

The Financial Services Authority (FSA) has lost a test case involving UBS in which it tried for the first time to punish a senior manager for inadequate supervision rather than for errors he personally committed.

Aviva Investors sent an e-mail by mistake on Friday dismissing its entire staff before retracting the message, according to reports.

RWC Partners is urging the IMA to look at the Morningstar categories when the body decides how to revamp the Absolute Return sector later this year.

The European Life Settlement Association (ELSA) has blamed the "sensationally negative" FSA for damaging the traded life policy sector (TLPI) sector.

The Financial Services Compensation Scheme (FSCS) has begun proceedings against more than 160 advisory firms it alleges mis-sold Lifemark-backed Keydata products.

A total of 162 firms have been included in proceedings launched by the Financial Services Compensation Scheme to claw back money paid out to investors in Lifemark-backed Keydata products.