Wealth managers

The Financial Services Compensation Scheme (FSCS) has declared 21 investments firms in default, including a number of independent financial advisers and mortgage brokers.

Former Polly Peck International (PPI) owner Asil Nadir has been found guilty of stealing a total of more than £5.5m from the company in 1989 and 1990.

A former investment banker and his wife have been ordered to pay more than £1.5m for their benefits from insider dealing and warned they may have to serve extra jail time if they fail to do so.

Her Majesty's Revenue & Customs (HMRC) said it has prevented some £200m from being diverted from the Exchequer after winning three court decisions against tax avoidance schemes.

BNY Mellon has expanded its distribution team with three hires including RSM Tenon's Adrian Gough.

US-based tax lawyer Douglas Stransky considers the impact of FATCA, the onerous US tax regime which is already turning Americans into 'financial pariahs' overseas.

The Retail Distribution Review (RDR) will have "clear detrimental effects" on the accessibility of financial advice and lower overall savings rates, Lord Flight has warned.

Former Chancellor Alistair Darling has written an open letter to his successor George Osborne warning he must change course on the economy now or cause "immeasurable damage".

Former Barclays chief Bob Diamond has hit back at MPs' claims he was "highly selective" in his evidence to the Treasury Select Committee during the LIBOR rate-rigging scandal.

A compliance officer has received a partial prohibition from the Financial Services Authority (FSA) for failing to prevent unregulated collective investment scheme (UCIS) mis-selling by one of his firm's directors.