Wealth managers

Hector Sants has warned London's position as a global financial centre is under threat because the UK's financial sector is not rethinking its business models quickly enough to keep pace with political upheaval and regulatory change.

Business secretary Vince Cable could take action against Fred Goodwin and a small number of former Royal Bank of Scotland (RBS) directors over the bank's collapse.

The government has confirmed its plans to force banks to ring-fence their retail operations, as well as other measures recommended by the Independent Commission on Banking (ICB).

Charles Stanley, the stockbroking and investment management group, reported pre-tax profits fell 37% to £8.5m for the year ended 31 March 2012.

A Conservative peer has drawn parallels between the collapse of Arch cru and the Bernie Madoff scandal, stressing the need for the regulator to do more to protect consumers.

Outgoing Financial Services Authority (FSA) chief Hector Sants has claimed the run on Northern Rock could have been avoided if the central bank had taken on board his recommendations.

Jamie Dimon, the CEO of JPMorgan, will today admit London-based traders who cost the bank more than $2bn this year "did not have a requisite understanding of the risks they took".

Advisers with clients in the suspended EEA Life Settlements Fund are to be offered an exit strategy following the Financial Services Authority's (FSA's) decision to ban the asset class for retail investors.

The Financial Services Authority (FSA) has fined investment firm Accendo Markets £56,000 after it failed to ensure its customers were suitable for high-risk products.

The Financial Services Bill has been branded a 'dog's breakfast' by a prominent Labour peer and criticised for being put together too quickly.