Financial services

Santander's offer to buy back junior debt from bondholders has drawn criticism from analysts who accused the Spanish bank of trying to lock in a profit at the expense of investors.

The FSA said it hopes a consultation paper on the treatment of commission on legacy assets has "put to bed" any confusion on the issue, but it warned product providers yet to adapt their systems face an arduous task preparing for the rule change.

The FSA has confirmed its proposed ban on legacy commission in a widely-expected move.

The Financial Services Authority (FSA) has fined discretionary fund managers McInroy & Wood Limited (MWL) £15,050 for breaching the regulator's client money rules.

Stronger systems and controls are needed to limit conflict of interest issues arising from distributor influenced funds (DIFs), Tisa has said.

A senior executive at UBS has challenged a fine from the Financial Services Authority (FSA) in a tribunal today.

The Financial Services Compensation Scheme (FSCS) has begun reimbursing firms some or all of their share of a £326m interim levy after they successfully applied for a refund.

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.