FSA

The FSA has begun a formal enforcement investigation into the rogue trade losses revealed by UBS last September.

Fund managers will contribute more than £37m to the FSA's total funding requirement for 2012/13, an increase of 32.4% on last year.

Recent high profile FSA enforcement actions have lent weight to the regulator's vow to police market participants more rigorously.

The FSA has fined Ravi Shankar Sinha, the former CEO of JC Flowers & Co UK, £2.867m for fraudulently obtaining £1.367m for himself from a company owned by a private equity fund advised by JC Flowers by means of a fictitious invoicing scheme.

Hector Sants, chief executive of the Financial Services Authority (FSA), has apologised to MPs for the failure of the Royal Bank of Scotland which led to the multi-billion pound bailout of the bank.

The alleged rogue trader at the heart of a multi-billion pound fraud investigation has pleaded not guilty to two charges of false accounting and two of fraud.

ITs

The FSA will release a platform consultation paper within the next couple of months setting out draft rules on rebates and regulations for execution-only platforms, after Deloitte completed its research into the sector.

Investors cannot be counted on to make rational choices so regulators need to "step into their footprints" and limit or ban the sale of potentially harmful products, the head of the UK's new consumer protection watchdog said.

The FSA has launched a consultation on regulations for hedge funds and private equity firms that will form the basis for tough new rules on pay.