Regulation

UCIS

Business tycoon Asil Nadir has been found guilty of a total of ten charges of theft from his now-collapsed Polly Peck empire.

The Financial Services Authority (FSA) has proposed to ban the promotion of unregulated collective investment schemes (UCIS) to the vast majority of retail investors.

Plans to allow the new financial regulator to publish warning notices about enforcement action have been branded as "unjust and dangerous" by a Conservative peer.

US Federal authorities are reportedly investigating RBS over possible dealings with Iran, the latest case of a UK bank coming under scrutiny from US regulators.

The Financial Services Compensation Scheme (FSCS) has declared 21 investments firms in default, including a number of independent financial advisers and mortgage brokers.

Former Polly Peck International (PPI) owner Asil Nadir has been found guilty of stealing a total of more than £5.5m from the company in 1989 and 1990.

A former investment banker and his wife have been ordered to pay more than £1.5m for their benefits from insider dealing and warned they may have to serve extra jail time if they fail to do so.

Her Majesty's Revenue & Customs (HMRC) said it has prevented some £200m from being diverted from the Exchequer after winning three court decisions against tax avoidance schemes.

BNY Mellon has expanded its distribution team with three hires including RSM Tenon's Adrian Gough.