Wealth managers

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.

The British Bankers' Association (BBA) could be stripped of its role in setting the LIBOR interbank lending rate following the fixing scandal which saw Bob Diamond step down as the CEO of Barclays.

Asset management firms outsourcing parts of their investment process may be abdicating their responsibility to the consumer, according to the FSA.

The FSA has told asset managers their own profits must not come as a result of poor treatment of consumers.

The popularity of risk-rated funds has surged as RDR approaches and investors search for greater certainty in tough markets, but research has revealed vehicles sitting within the same risk grade can perform very differently.

Some businesses will not be allocated a dedicated superviser from next year as the regulator - the Financial Conduct Authority (FCA) - looks to adopt a "proactive" rather than "reactive" approach.