Financial services

The Investment Management Association (IMA) has called for an independent review into the collapse of Keydata and other investment firms and said the scale of recent failures has not been seen since the Barlow Clowes scandal of the 1980s.

Goldman Sachs has received a subpoena from New York prosecutors seeking information on the investment bank's role leading into the global financial crisis, according to reports.

The FSA's platform policy paper has been delayed to Q3 as the regulator struggles to formulate final rules on controversial areas including the proposal to ban cash rebates.

Three of Ireland's lenders could impose losses of up to 90% on bondholders under plans to see them help pay for the recapitilisation of the country's banking system.

Financial regulators in Europe have called on the Obama administration to speed up reform of its banking regulations to prevent the world's largest economy gaining an unfair advantage over counterparts.

Fund managers, IFAs and investors could be hit with huge costs after the US Senate passed laws forcing millions of people in funds holding US assets to make a declaration to the American tax authorities.

The Investment Management Association (IMA) is to scrap the existing definitions and names of the Managed sectors, renaming them Managed A-C and introducing a new sector, Managed D.

The Investment Management Association (IMA) has proposed scrapping the Active, Balanced and Cautious tags and merging the Absolute Return sector into a new managed sector, in its review of the Managed peer groups.

Innovation and competition are at the heart of the UK's vibrant and competitive fund management industry, which is second only to the US.

Asset managers may have to undertake a "root and branch" reassessment of business models amid a wave of European regulation set to trigger "huge upheaval", warns State Street.