Wealth managers

The FSA has fined the London branch of Société Générale £1.57m for failures in transaction reporting.

CONTRARIAN INVESTOR

The Consumer Protection and Markets Authority (CPMA), one of the bodies set to replace the FSA from 2013, will be subject to audit by the National Audit Office (NAO) under rules proposed by the Treasury today.

The new Government has announced plans for a total shake-up of financial services regulation to conclude in 2012, which is also the deadline for IFAs to meet RDR requirements.

The FSA has sent out written warnings to 38,000 investors whose details were discovered on a 'master list' used by boiler room fraudsters.

The US Securities and Exchange Commission (SEC) has put in place new stock trading restrictions to prevent a repeat of the Dow's dramatic plunge earlier this month.

The FSA is taking a hardline approach after finding weaknesses in five banks' handling of customer complaints.

Fidelity UK managing director Gary Shaughnessy has urged the industry to focus on the implementation phase of the RDR to ensure costs are kept down and advisers emerge better equipped to deal with the UK's savings gap.

Schroders is eyeing the addition of enhanced index-based products to its retail range in preparation for an expected increase in passive fund use post-RDR.

Welcome to Investment Week's quick-fire guide to yesterday's RDR developments.