Wealth managers

An adviser who recommended a client invest most of his pension savings in an offshore property fund has been told to purchase his client's investments and compensate him following a ruling by the Financial Ombudsman Service (FOS).

The Serious Fraud Office (SFO) has officially ended attempts to trace the assets of Keydata bond manager SLS Capital SA, after a lack of success.

Lloyds Banking Group is hoping to raise £1bn from the sale of its 60% stake in St James's Place Wealth Management(SJP), according to reports.

Britain's largest bank HSBC has set aside an extra $800m to cover settlements for breaching anti money-laundering rules in the US.

AWARDS

Pension and severance payments totalling £412,000 handed to the former chief executive of the Serious Fraud Office (SFO) have been ruled "irregular" by the National Audit Office (NAO).

High street bank staff who missed sales targets were named and shamed, forced to work late and threatened with the sack, according to the Unite union.

Legal & General has said it is preparing to launch its RDR proposition on 19 November as it announces interim results for the first nine months of the year.

US regulators have proposed a $470m fine for Barclays after the bank was found to have manipulated the American electricity market.

Incidences of whistle-blowing to the Financial Services Authority (FSA) have increased markedly since the onset of the financial crisis four years ago, figures suggest.