Wealth managers

A former IFA has been jailed for ten years for defrauding investors of at least £3.5m in what has been branded a "classic Ponzi scheme".

The Upper Tribunal has upheld a Financial Conduct Authority decision to fine a fund manager £89,000 for not doing more to prevent a client from committing market abuse.

Investors are not receiving adequate information on the extent to which funds are being levered up through the use of derivatives, a review by the Financial Conduct Authority (FCA) has found.

HSBC Global Asset Management's chief executive Andy Clark is ruling out introducing preferentially priced share classes, saying they are akin to "endorsements" of individual platforms.

Financial Conduct Authority (FCA) technical specialist Rory Percival has hinted the regulator and ombudsman are working to agree on guidelines around suitability reporting.

Structured product providers must do more to ensure their products are understood by consumers who tend to significantly overestimate the returns on offer, the FCA has said.

Morrisons' former group treasurer has been sentenced to twelve months in prison after being convicted of two counts of insider trading.

Arch cru investors have been told they must continue to wait to get back what value there is left in the failed fund range, as the liquidation process looks set to drag on beyond this year.

Financial services has witnessed a number of famous apologies over the years linked to fraud, rogue trading, and even train fare dodging. Investment Week remembers the most notable, and the ones which never were.

HSBC's senior executives have apologised to a committee of MPs for the failings in its Swiss private banking arm which meant clients avoided paying millions in tax.