Wealth managers

The Financial Services Authority (FSA) has fined three Lloyds Banking Group firms a total of £4.3m for failings that resulted in up to 140,000 customers receiving delayed payment protection insurance (PPI) redress.

The Financial Services Authority (FSA) has criticised firms for failing to send in details of advisers' qualifications.

Chancellor George Osborne has ordered the Treasury to draw up plans for a mass give-away of RBS shares to taxpayers by the next election in 2015, according to reports.

Lord Myners, the former City Minister, has condemned lobbying of the government by the financial services industry, which has made fund managers rich at the expense of companies.

The Financial Services Authority (FSA) has clarified that advisers who only advise on passive investments do not meet the requirements needed to call themselves independent.

SEVEN DEADLY SINS

Santander's British arm is being investigated by the Financial Services Authority (FSA) for possible breaches in the quality of its investment advice, industry sources told Reuters.

The Financial Services Authority (FSA) has uncovered evidence of incompetency among investment advisers at a number of banks and building societies - resulting in unsuitable advice in some cases - following a mystery shopping exercise.

TCF

The FSA is reconsidering whether VCTs, REITs and offshore investment companies should be included in the forthcoming sales ban on unregulated collective investment schemes (UCIS) to retail investors.