Wealth managers

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".

George Osborne and Vince Cable are set to go head to head over the Vickers' report into banking reform, as they debate the timetable for ringfencing retail banking operations.

Fidelity's Gary Shaughnessy has criticised the FSA for delaying its decision on a proposed cash rebate ban in today's 'underwhelming' platform paper.

The platform policy paper will be published on Monday, the FSA said today.

The Treasury Select Committee (TSC) has called for a 12 month delay to the RDR to enable more advisers to reach Level 4, among a series of other concessions, but the FSA has flatly refused any negotiation on a change to its plans.

The industry is split on the merits of the Treasury Select Committee's (TSC) key recommendation to delay the RDR for 12 months until 1 January 2014.