Wealth managers

Shareholders in Royal Bank of Scotland(RBS) will never recover the money they lost after the lender's collapse more than three years ago, according to the bank's chairman.

The Financial Services Authority (FSA) has proposed a ban for Anthony Verrier, a senior executive at BGC Partners, after deciding he is not a fit and proper person due to concerns over his honesty, integrity and reputation.

Bestinvest has undergone a structural review of the business which could result in job losses.

GOODBYE FSA

A man convicted of insider dealing has been ordered to pay more than half a million pounds in a confiscatatiion order.

The Financial Services Compensation Scheme (FSCS) has more than doubled the annual levy for financial advisers for 2012/13, largely as a result of known claims relating to Arch Cru and MF Global.

REGULATION

A High Court judge has rebuked the Serious Fraud Office (SFO) for "sheer incompetence" after the watchdog admitted it had "no clear record" of the information it used to obtain search warrants against property tycoon Vincent Tchenguiz.

The man arrested by the Financial Services Authority (FSA) in connection with an unauthorised foreign exchange trading scheme also hit headlines last month, it has emerged.

Ian Hannam, the chairman of capital markets at JP Morgan Cazenove, has resigned after the FSA proposed to fine him £450,000 for market abuse.