Financial services

The chairman of the FSA has suggested Parliament will have to give the Financial Conduct Authority (FCA), one of its successor bodies, even greater powers to protect consumers.

The Treasury has created a steering group tasked with developing a range of simple financial products.

The London offices of Royal Bank of Scotland (RBS) have been raided as part of a major investigation by the European authorities into allegations lenders manipulated a key borrowing rate in the run-up to and during the financial crisis.

MPs from six political parties have this morning battered Capita with a tirade of attacks over its management of Arch cru investors' money, only to have their calls for a public inquiry into the debacle dismissed by Treasury secretary Mark Hoban

The FSA could face legal action for breach of its own rules unless it lifts restrictions on Arch cru investors claims at the Financial Ombudsman Service and launches a public consultation into the amount of redress they should receive.

Tory peer Lord Wolfson of Aspley Guise, chief executive of retailer Next, is offering a £250,000 prize to anyone who can explain how to manage a country's transition from the euro to a new national currency.

The Financial Services Compensation Scheme (FSCS) has put together a deal to provide liquidity for the Lifemark portfolio to rival a $150m loan offer brokered by Keydata founder Stewart Ford.

At least 50 of Europe's top 91 banks are expected to fail the European Banking Authority's (EBA) new stress tests, analysts at Goldman Sachs have warned.

Sridhar Chandrasekharan has been promoted to chief executive of HSBC Global Asset Management as former boss John Flint moves to a senior role in the wider group.

What price, one price? A neat consumerist or political slogan perhaps, or something rather more serious?