Wealth managers

TIME TO STEP UP

Adair Turner has spent more than £66,000 in the past 15 months flying around the world as FSA chairman - largely because he never flys any lower than business class.

Lawyers acting for the FSCS have sent IFAs who recommended their clients invest in Keydata - and who the FSCS has now paid compensation - letters of claim saying the scheme will pursue the firms for recovery of the money.

The Financial Services Authority (FSA) has said it is possible no-one is responsible for Arch cru investors' losses.

Standard and Poor's (S&P) has received notice from the Securities and Exchange Commission (SEC) recommending a lawsuit be brought against it over a mortgage-backed security it rated in 2007.

Shadow business secretary John Denham will today announce an investigation into companies that knowingly 'rip off' consumers, with a focus on financial services.

Oswald Gruebel, the chief executive of Swiss bank UBS, has resigned over an alleged £1.5bn ($2.3bn) rogue trading loss.

Banks led markets sharply lower in early trading but their shares have now stabilised as markets digest the long-awaited Independent Commission on Banking report.

The final report from the Independent Commission on Banking has recommended UK banks' retail and wholesale arms be split off, and said the 7% capital buffers required under Basel III do not go far enough.

A lawyer representing about 2,700 investors in the suspended Arch cru funds said today's letter from Capita detailing possible offers they could receive only created "more confusion not clarity".