Regulation

The former boss of failed investment firm Keydata is suing the regulator for £371m, accusing it of a "politically motivated" abuse of power.

Lloyds Banking Group has been fined £218m by UK and US authorities for a series of LIBOR failings, including manipulating fees owed to the Bank of England (BoE) as a result of taxpayer-funded support provided during the financial crisis.

Lloyds Banking Group is preparing to pay fines to UK and US regulators over its involvement in the LIBOR fixing scandal.

The Financial Conduct Authority (FCA) has used its suspension power for the first time to ban two of the Financial group's subsidiaries, network Financial and separate firm Investments, from recruiting new appointed representatives (ARs).

The Financial Conduct Authority has launched a consultation which may lead to early removal of the requirement for companies to publish interim management statements.

The financial services industry faces a new levy as part of plans to provide savers with free independent guidance from the Money Advice Service (MAS) and The Pensions Advisory Service (TPAS) upon retirement, the government has said.

The prospect of a 'regulatory dividend' for advisory firms - proposed by the Association of Professional Financial Advisers (APFA) - has been all but ruled out by the Financial Conduct Authority (FCA).

Financial Services Compensation Scheme (FSCS) chief executive Mark Neale has said next year the service hopes to be able to publish a full account of what it has clawed back from firms who mis-sold Keydata products.

Former government chief whip Andrew Mitchell has invested in a high-profile film financing company considered to be a tax avoidance scheme by HMRC, according to reports.