Wealth managers

Seven advice firms have been declared in default by the Financial Services Compensation Scheme (FSCS).

A financial adviser has been charged with 12 counts of fraud which is said to have netted him over £1m worth of clients assets.

Regulation

The Financial Conduct Authority (FCA) has charged the former treasurer and head of tax at supermarket giant Morrisons with insider dealing.

Eight staff members have been dismissed by Lloyds following an investigation into the LIBOR rate fixing scandal that saw the bank fined £218m.

The Financial Conduct Authority has created a dedicated fund supervision unit to regulate and monitor individual retail funds for the first time, in a bid to better safeguard investors and consumers.

A financial advisory business can permit its advisers to refer clients to specialist colleagues within the company and remain independent, following an about-turn by the Financial Conduct Authority (FCA).

Barclays, Fidelity and HSBC have been flagged by the Financial Conduct Authority as the most-complained about firms for investments in the first half of 2014.

Shares in UK-listed pharmaceutical giants Shire and AstraZeneca have fallen sharply this morning, after the US Treasury introduced a new law to curb tax avoidance by US companies which buy overseas rivals.

Barclays has been hit with a £38m fine for failing to adequately protect clients' funds, the Financial Conduct Authority has confirmed.