Wealth managers

The Financial Services Authority (FSA) has fined UBS £9.45m for failures in the sale of the AIG Enhanced Variable Rate fund.

AIFMD

Barclays shares have jumped after the bank announced it will cut 3,700 jobs this year following a strategic review, as pre-tax profits plunge due to mis-selling claims.

Stephen Hester, chief executive of Royal Bank of Scotland(RBS), mounted a strong defence of his bonus package to MPs yesterday, despite mounting criticism of the bank's involvement in the LIBOR scandal under his watch.

RBS has confirmed it faces not only a monetary fine but also other unspecified sanctions in relation to the LIBOR fixing scandal.

Legacy trail commission may create a "moral hazard" in which advisers encourage investors to stay in investments longer than they should, analysts at Barclays have warned.

The Financial Services Authority (FSA) has said it plans more education of firms and invention to curb market abuse on the ‘front line' of financial services.

In its first ever federal enforcement action against a credit rating agency related to the financial crisis, the US government has filed a lawsuit against Standard & Poor's for allegedly rigging mortgage bond rates.

Barclays has set aside an additional £400m to repay customers mis-sold interest rate hedging products and another £600m for payment protection insurance (PPI) redress.

The Financial Services Authority (FSA) will conduct a review into the £800bn unit-linked fund sector.