Financial services

Arch Financial Products is being sued for £150m by the board of 18 Guernsey-listed investment vehicles for failing to exercise fundamental care of assets and to account for "substantial secret profits", according to reports.

The Prime Minister David Cameron has rejected calls from an MP for an independent inquiry into the Arch cru investment funds scandal.

The Treasury Select Committee (TSC) today highlights the FSA's swift dismissal last year of a proposal to delay the introduction of RDR as evidence of accountability and culture failings at the regulator, and said the same problems must not "plague" its...

Kashya Hildebrand - the wife of Switzerland's former central bank chief - has made a TV apology to the Swiss people and her husband for the $504,000 (£324,067) currency transaction that led to his resignation.

The Financial Services Authority (FSA) has not used mystery shoppers for at least 18 months, despite a promise from Hector Sants that the regulator would make more use of the tactic.

Police have arrested five men as part of its investigations into a small number of suspicious trades reported by Bristol-based stockbroker and wealth manager Rowan Dartington.

The FSA has extended its investigation into advisers who sold Arch cru funds to include inherited or acquired clients.

REGULATION

A former chief executive officer of UBS AG's wealth management unit who is challenging a £100,000 FSA fine was yesterday accused of failing to control the activities of his team, allowing them to make up to 50 unauthorised trades per day.

Royal Bank of Scotland (RBS) has appointed Lazard to manage an auction of parts of its investment bank in a move which may lead to as many as 10,000 job cuts.