Financial services

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.

The FSA has today executed search warrants on Castlestone Management's premises in London and Chichester, as a fourth member of staff leaves the group.

The IMA is to monitor the holdings of funds in the Money Market sector for the first time, in line with new FSA and European requirements.

The industry is split on the merits of the Treasury Select Committee's (TSC) key recommendation to delay the RDR for 12 months until 1 January 2014.

Hector Sants, the current chief executive of the Financial Services Authority (FSA), and Bank of England governor Mervyn King have been named among the most influential people in the European capital markets.