Wealth managers

The Financial Services Authority (FSA) blocked just 30 out of a possible 227,000 applications from individuals to join the financial sector in the six years since the banking crisis erupted, a rejection rate of just 0.01%.

A former senior partner at KPMG has been charged with insider trading after it was alleged he exchanged stock tips for cash and jewellery including a Rolex watch.

The Financial Conduct Authority (FCA) has published warnings to consumers about four trading companies that are not authorised to carry out regulated activities.

Tullett Prebon's chief executive Terry Smith wrote a letter to the International Swaps and Derivatives Association (ISDA) back in 2010 to question the rate setting process, but was ignored, the Telegraph reports.

State-backed Lloyds bank has admitted that it mis-sold Scottish Widows structured products to thousands of customers and has said it will now undertake a review of sales, according to reports.

Former HBOS chief executive Sir James Crosby is to give up his knighthood, according to reports.

Fund managers will pay £41.8m to fund new regulator the FCA (Financial Conduct Authority)in 2013/14, up 15.7% on the £36.1m they paid towards predecessor the FSA last year.

GOSLING'S GROUSE

The new City watchdog was last night fighting to defend its chairman amid accusations he enabled HBOS to pursue its reckless lending strategy.

The Banking Standards Commission has asked the Financial Services Authority (FSA) to consider if three former HBOS bankers should be barred from future roles in the financial sector.