Regulation

A man convicted of insider dealing has been ordered to pay more than half a million pounds in a confiscatatiion order.

Peter Smith, head of investment policy at the Financial Services Authority, is to exit the regulator shortly, Investment Week can reveal.

The vast majority of advisers who risk-rated the Arch cru funds ranked them as either low, low-to-medium or medium risk investments, FSA figures suggest.

Advisers may be faced with an extra £33m in Financial Services Compensation Scheme (FSCS) levies as a result of firm failures caused by a proposed £100m FSA Arch cru redress scheme.

ARCH CRU

The Financial Services Compensation Scheme (FSCS) has more than doubled the annual levy for financial advisers for 2012/13, largely as a result of known claims relating to Arch Cru and MF Global.

Ticketus, the company backed by the Octopus Protected EIS scheme, has withdrawn from discussions with Blue Knights Consortium over a takeover of Glasgow Rangers FC.

GOSLING'S GROUSE

EEA Fund Management has welcomed yesterday's "helpful" guidance from the FSA, on its intention to ban the sale of traded life policy investments (TPLIs) to retail clients.

The FSA has hinted it may impose stricter regulatory requirements on firms recommending traded life policy investments (TLPIs) after issuing final guidance stating they should not be promoted to most retail investors.