FSA

The FSA and Capita Financial Managers Limited (CFM), BNY Mellon Trust & Depositary (BNY) and HSBC Bank (HSBC) have confirmed the voluntary establishment of a £54m package for Arch cru investors.

Pressure is mounting on the Treasury over Arch cru today after a second MP called for the government to step in and investigate the role of the Financial Services Authority (FSA) in the failure of the cru fund range.

The FSA has stressed its preference for product intervention as an "essential" means of achieving consumer protection.

Maybe RDR does not really matter at all. Perhaps everyone in the financial services sector and the accompanying industry of media commentators has got completely the wrong end of the stick.

The FSA's platform policy paper has been delayed to Q3 as the regulator struggles to formulate final rules on controversial areas including the proposal to ban cash rebates.

Shares in Barclays were off around 1% in early trading after it abandoned its legal challenge against PPI mis-selling and set aside £1bn to cover customer redress and administration costs.

The investment trust industry is backing the RDR initiative wholeheartedly. Simon Cordery, head of investment trust investor relations at F&C Investments, explains why.

The FSA is investigating Prudential and its investment bank advisers Credit Suisse, JPMorgan and HSBC over the insurer's $35bn aborted bid for AIA, according to reports.

ETF COMPLEXITY

The FSCS will prioritise the fund management sector ahead of IFAs when it rebates the interim levy with any recoveries linked to Keydata.