Wealth managers

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.

Barclays reputation was hit when it refused to comply with the spirit of financial regulation and by allowing a group of elite investment bankers to "lose a sense of proportionality and humility", a report has found.

The Investment Management Association (IMA)'s chief executive Daniel Godfrey calls on the fund management industry to improve the way it explains fund costs and charges to consumers.

Regulators have levied fines worth more than £1bn on UK companies and managers for fraudulent activity since 2007, with financial services firms alone charged £560m.

The Financial Services Authority (FSA) ceased operation yesterday and was replaced by two separate new regulators.

Lord Adair Turner, chairman of the now-disbanded Financial Services Authority (FSA), has joined the economics thinktank founded by billionaire George Soros.