Financial services

Advisers may be faced with an extra £33m in Financial Services Compensation Scheme (FSCS) levies as a result of firm failures caused by a proposed £100m FSA Arch cru redress scheme.

ARCH CRU

Ticketus, the company backed by the Octopus Protected EIS scheme, has withdrawn from discussions with Blue Knights Consortium over a takeover of Glasgow Rangers FC.

GOSLING'S GROUSE

EEA Fund Management has welcomed yesterday's "helpful" guidance from the FSA, on its intention to ban the sale of traded life policy investments (TPLIs) to retail clients.

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.