Regulation

Barclays boss Bob Diamond has resigned from the bank with immediate effect, just one day ahead of a parliamentary hearing into his conduct following the LIBOR scandal.

The European parliament is set to reject a ban on commission to independent financial advisers (IFAs) when it votes on MiFID II next week.

Barclays bank chairman Marcus Agius has confirmed his resignation, admitting the "the buck stops with me" for the firm's interest rate fixing scandal.

The Financial Services Authority (FSA) will be the biggest winner following the retail distribution review (RDR), according to a survey of 280 advisory firms.

The estimated value of the remaining assets within the Arch Cru funds has fallen again, reducing the amount of returns to investors being offered by Capita Financial Managers, the authorised corporate director.

Barclays, HSBC, Lloyds and RBS have agreed settlements with the FSA after the regulator found "serious failings" in their sales of interest rate hedging products.

The IMA has called upon groups to enhance transparency on fund charges across all investor-facing documents, as well as giving a more prominent position to the ‘ongoing charge' and provide details of transaction costs.

FUND CHARGES

RBS and Lloyds, the two UK tax-payer backed banks, are among a dozen financial groups being investigated for manipulating the LIBOR rate, which resulted in a record £290m regulator fine for Barclays, it was revealed yesterday.

BARCLAYS MESSAGES