Financial services

France, Italy, Spain and Belgium have temporarily banned short-selling of financial stocks in response to sharp share price falls across Europe.

The Financial Services Authority (FSA) has warned investors against buying shares from cold callers claiming to be from Glencore International Plc.

Castlestone Management chief executive Angus Murray is to step down, replaced by director of global sales Jerry Devlin.

Fidelity FundsNetwork has laid down the gauntlet to rivals by pledging to disclose payments it receives from fund groups by the end of the month.

Fidelity's Gary Shaughnessy has criticised the FSA for delaying its decision on a proposed cash rebate ban in today's 'underwhelming' platform paper.

The FSA says more research is needed before it can make the final decision on whether to ban cash rebates.

St. James's Place failed to make a profit from its distribution arm in the first half of 2011, citing the impact of the Retail Distribution Review (RDR), although group operating profit was up 13%.

The European Securities and Markets Authority (ESMA) has proposed wide ranging reforms and a tightening of the rules around how exchange traded funds (ETFs) operate in Europe.

Castlestone has released a new statement emphasising the FSA's ongoing investigation into the firm does not relate to any criminal activity.

FSA chief executive Hector Sants insists the regulator is considering the Treasury Select Committee's recommendations on the RDR, following an angry letter from TSC chairman Andrew Tyrie.