hsbc

Fund selectors have revealed the difficulties in allocating to Asia and emerging markets as some of the most popular retail funds close their doors to new investors.

HSBC has put aside $1.3bn (£830m) in UK customer redress provisions and $700m (£450m) relating to US regulatory and legal issues as it reports $12.7bn in interim pre-tax profit.

Stephen Hester, chief executive of the Royal Bank of Scotland, has admitted his bank will face a significant fine over the rate-rigging scandal which has thrown Barclays into the spotlight in recent weeks.

HSBC's Mexican business has been fined $27.5m for failing to comply with anti-money laundering regulations.

The European Commission has cracked down on the fixing of interest rates in the latest twist to the LIBOR scandal, which has dominated headlines in recent weeks.

Regulators have turned their attention to at least four of Europe's largest banks in a continued investigation of manipulation of the LIBOR benchmark interest rate.

HSBC has apologised to the US Senate after the bank was found to have allowed drug money to be laundered through its accounts.

Leading fund managers including Richard Buxton at Schroders have been increasing their exposure to major UK banks following the LIBOR scandal which has rocked the sector.

A US Senate investigation has uncovered how a "pervasively polluted" culture at HSBC and lax controls left it open to being used to launder dirty money from around the world.

HSBC has revealed it faces a hefty fine - estimated at $1bn by analysts - from US regulators for failing to have the right anti money laundering controls in place from 2004 until 2010.