Wealth managers

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.

The chief executive of the incoming Financial Conduct Authority (FCA) has said the body will be "much broader" in its approach to identifying mis-selling and other problems - including monitoring Twitter.

Care Asset Management has been fined £56,000 by the Financial Services Authority (FSA) for breaching customer trust over Keydata.

Prudential has been fined £30m by the City watchdog while its chief executive Tidjane Thiam has been officially censured, following the failed AIA deal in 2010.

One in ten advisers are now restricted compared with one in 30 in Q4 2012, and this will increase to one in six by the end of the year, research predicts.

The Financial Services Authority (FSA) is planning to up its focus on advisers and wealth managers placing large amounts of client money in a single fund, amid fears some firms are not carrying out sufficient due diligence.