Wealth managers

RDR

The Financial Services Authority (FSA) has written to the CEOs of 24 product provider and advisory firms warning them not to 'work around' the Retail Distribution Review (RDR) commission ban.

UBS Global Asset Management has launched RDR ready commission free share classes as part of a wider push into the UK retail market.

Investment managers' optimism about their business prospects rose for the third consecutive quarter, despite difficult conditions for the financial services sector, according to the latest survey from the CBI/PwC.

Senior bank staff overseeing traders who set LIBOR will need to be formally authorised by the Financial Services Authority (FSA) under new proposals to combat rate rigging, Sky News reports.

A former Credit Suisse trader was arrested in London on Wednesday and faces extradition to the US on fraud charges involving subprime mortgage bonds worth $3bn (£1.9bn).

Rowan Dartington has launched a fee-only independent financial advisory business, after acquiring a significant stake in Stafford House Investments (SHI).

The number of complaints to banks and building societies rose by almost 70% in the first half of the year, mainly related to sales of payment protection insurance (PPI), figures published by the FSA show.

Legg Mason Global Asset Management is set to add clean share classes to its fund range ahead of the retail distribution review.

Providers attempting to avoid being classified and regulated as platforms could see additional rule changes from the Financial Services Authority (FSA), according to its head of investments policy.