Financial services

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.

Syed Kamall, member of the European Parliament for London, said he is "not impressed" with the European Commission's assessment of the impact of EU regulation on the UK.

Thousands of Arch cru investors have written to their MPs today accusing Capita of intentionally violating the Financial Services Authority's treating customers fairly (TCF) charter.

The Financial Services Authority (FSA) has fined Credit Suisse £5.95m for systems and controls failings in relation to sales by its private bank of structured capital at risk products (SCARPs).