Financial services

Invesco Perpetual is to launch commission free share classes across its range by mid-2012, but will continue to pay a platform rebate.

The FSA has fined a Dubai-based private investor $9.62 (£6m) for manipulating the closing price of securities on the London Stock Exchange, in the largest fine imposed by the FSA on an individual.

New rules requiring firms to submit complaints data on individual advisers must include any client grievance related to advice given before 31 December 2012, the FSA said today.

A UK ban on the payment of commission from providers to advisers who sell its products can go ahead unchanged and unhindered, the European Commission (EC) has said, quashing concerns a Europe-wide directive could scupper the requirements.

Investors could be faced with a plethora of fund charging models post-RDR as well as higher overall costs and ‘premium' prices for a top tier of better performing funds or specialist mandates.

Industry leaders have warned the upcoming FATCA regulations from the US are "as big as RDR" and could cost the UK hundreds of millions of pounds.

The Financial Services Authority (FSA) has told UK banks holding the money of investors in a Luxembourg life settlement fund not to allow the cash to be moved.

The redress deal struck by the FSA, Capita, HSBC and BNY Mellon will return Arch Cru investors just 10%-15% of their original capital, according to lawyers who have seen the offers.

Barclays reported Q3 profits rose 5%, beating estimates, despite the sovereign debt crisis hurting investment banking revenues.

Leading funds and the ABI are working on proposals to prevent newly listed companies from entering the FTSE 100 or other leading indices until after a three-month cooling-off period.