FSA

The estimated value of the remaining assets within the Arch Cru funds has fallen again, reducing the amount of returns to investors being offered by Capita Financial Managers, the authorised corporate director.

Barclays, HSBC, Lloyds and RBS have agreed settlements with the FSA after the regulator found "serious failings" in their sales of interest rate hedging products.

RBS and Lloyds, the two UK tax-payer backed banks, are among a dozen financial groups being investigated for manipulating the LIBOR rate, which resulted in a record £290m regulator fine for Barclays, it was revealed yesterday.

Barclays has been slapped with the largest-ever fine by the FSA and a huge penalty by the US authorities after it breached rules regarding LIBOR.

Today's confirmation that cash rebates will be banned is a 'blow' to wrap platforms and presents a 'significant challenge' to their business models, fund supermarket Skandia has said.

The Financial Services Authority (FSA) has suggested it will not extend its proposed ban on platform rebates to life companies, but has promised to explore the issue further.

The ban on rebates from fund managers to platform providers is to cost platform operators up to £10m a year, the FSA has said.

The Financial Services Authority (FSA) has this morning confirmed its intention to ban both payments from providers to platforms and cash rebates to consumers.

Bank of England governor Mervyn King said he voted for more QE at the last meeting of the MPC because he is fearful over the outlook for Asia, emerging markets, and the US, as well as the ongoing eurozone crisis.

The Financial Services Authority (FSA) has publicly censured Kaupthing Singer and Friedlander Limited (KSFL) for failures in the assessment and reporting of its liquidity position in 2008.