Financial services

Royal Bank of Scotland chief executive Fred Goodwin's alleged affair had no impact on the downfall of the bank, the Financial Services Authority has decided.

Royal Bank of Scotland(RBS) nearly collapsed in 2008 because of poor management, inadequate regulation and a flawed supervisory system, a Financial Services Authority report published today says.

The Financial Services Authority (FSA) has warned investors against dealing with a clone of asset manager GAM.

The FSA has fined Integrated Financial Arrangements plc, which offers the Transact platform, £3.5m for failings in relation to its protection of client money over an eight-and-a-half year period.

The government has relaxed the tax rules on Property Authorised Investment Funds (PAIFs) and REITs in a move set to increase the number of these vehicles in the marketplace.

Almost a third of discretionary fund managers (DFM) cannot deal with direct investments into structured products, according to an analysis of the market.

The Financial Services Authority (FSA) is to conduct a review into the sale of unregulated collective investment schemes (UCIS) early next year.

Leading fund managers, including L&G and Jupiter, have stepped up their attack against huge pay rises at the UK's biggest banks.

PLATFORM REBATES

The IMA is changing the name of its Managed sectors to fall into line with the Association of British Insurers (ABI) fund categories.