Regulation

Fines levied by the regulator against the financial services industry have soared by 50% this year, as the tougher stance of the new Financial Conduct Authority (FCA) leaves its mark.

The Financial Conduct Authority (FCA) has fined Lloyds Banking Group a record £28m "for serious failings" relating to its sales incentives.

REGULATION

Asset managers and wealth management firms have expressed support for the government's plans to scrutinise partnerships and LLPs in a clampdown on tax avoidance.

Banks paid out £81.2m last month to compensate businesses mis-sold complex interest rate hedging products.

The European Commission has collectively fined six international financial institutions €1.7bn (£1.4bn) for their involvement in the manipulation of benchmark rates.

The Retail Distribution Review (RDR) has "intensified the competitive environment", according to wealth manager Brewin Dolphin, as it announces profit before tax for the year to September was 4% down on the previous year.

The Financial Services Compensation Scheme (FSCS) said it is finalising the claims process for ARM investors with claims against Catalyst Investment Group, and hopes to start inviting claims in early 2014.

Royal Bank of Scotland (RBS) will have to undergo an independent skilled person review of its lending practices following allegations that it put some good and viable businesses into default so it could boost profits.

Ed Harley, head of asset management at the Financial Conduct Authority, has left the regulator to take up a role at Goldman Sachs Asset Management.