Financial services

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.

Deputy Prime Minister Nick Clegg has backed proposals to give the public shares in part-nationalised banks RBS and Lloyds.

Leading fund managers are moving to snap up ‘cheap' UK banks after a dismal year which saw them drop in value as markets raced higher.

George Osborne has confirmed UK banks will be forced to ‘ringfence' retail banking operations to protect savers from risks taken in investment banking arms.

Mervyn King has claimed low capital requirements and inadequate limits on leverage have been the most "tragic" aspects of financial regulation.