Financial services

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.

The IMA has re-launched its Managed sectors with new names and definitions, apart from the Mixed Investment 0-35% Shares sector which has been delayed.

TAX

The Financial Services Authority's (FSA) report into the failure of HBOS is being delayed by a legal challenge from Peter Cummings, a former senior executive at the bank.

Advisers should expect a sharp focus on their investment propositions when the Financial Services Authority (FSA) begins its review of small firms later this year, according to Simplybiz managing director Matthew Timmins.

US shareholders in Lloyds at the time of its takeover of HBOS have launched lawsuits against the bank, its former chairman, Sir Victor Blank, and ex-chief executive Eric Daniels.