Wealth managers

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.

This week the Financial Services Authority hit private bank Coutts with an £8.75m fine after it found the bank had failed to operate in a way which prevented money laundering.

The number of complaints related to advising, selling and arranging rocketed from 647,000 in the first half of last year to almost 1.1 million in the second half, according to figures released by the FSA today.

GRIPES

Bankers could see bonuses capped at twice their basic pay and forced to return "golden hellos" if they fail to perform, under draft European rules being drawn up.

The Financial Services Authority (FSA) has fined Coutts & Company £8.75m for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) systems and controls.