Wealth managers

A former head of HM Revenue & Customs (HMRC) who stepped down after he was accused by MPs of lying has been hired by HSBC to advise on honesty, according to reports.

The Financial Services Authority (FSA) has confirmed that Barclays, HSBC, Lloyds and RBS will start the full review of their sales of interest rate hedging products (IRHPs) to small businesses after a series of failings were uncovered. 

AXA Wealth has cut its sales team by 30 staff in a bid to restructure the business following the completion of several projects.

The Financial Services Authority (FSA) has said it will "come down hard" on those firms who continue to flout its rules after its first round of thematic reviews this year.

The Financial Services Compensation Scheme (FSCS) is levying firms in the fund management and investment intermediation sectors a total of £31m for 2010/11.

Paul Feeney, chief executive of Skandia's parent company Old Mutual Wealth, has vowed to tackle a series of administration problems that have affected advisers since the start of the year.

A European court has cleared the Icelandic government of failing to guarantee minimum levels of compensation for UK and Dutch savers in the collapsed Icesave bank.

The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority (FSA) to fine Swift Trade, a non-FSA authorised Canadian company with global operations, £8m for market abuse.

The Financial Services Compensation Scheme (FSCS) is proposing to budget more than £7m for expenses related to recoveries in 2013/14, including from advisory businesses who recommended Keydata bonds.

The Financial Services Authority (FSA) has answered 22 of advisers' key questions about the ongoing implementation and supervision of the Retail Distribution Review (RDR).