News

The Whitechurch Network spent more than £704,000 in 2013 settling claims related to advice given by its appointed representatives on Keydata and Arch cru.

The Financial Conduct Authority (FCA) has fined Royal Bank of Scotland and Natwest Bank £14.5m for failings in their mortgage advice.

The PSigma Income fund has lost £100m as clients including its largest backer redeemed holdings ahead of Bill Mott's retirement.

Premier Asset Management has agreed a £10m deal with Elcot Capital Management which could see it acquire up to half the firm from private equity backer Electra.

Old Mutual Wealth chief executive Paul Feeney has contacted clients to defend a decision to shut the Skandia Invesco Perpetual income funds, pointing to "truly exceptional circumstances" following Neil Woodford's departure.

The FTSE 100 has moved back above the 6,800 mark for the first time this month as investors take heart from another record high for the S&P 500 yesterday.

Polar Capital has hired L&G's Guy Rushton to head a new UK absolute returns team, with a first fund launch slated for Q3.

The Investment Management Association (IMA) is understood to be looking at a range of sectors for the increasing number of risk-targeted funds which are choosing to remain unclassified.

Chris Reid, manager of the Majedie UK Income fund, has been topping up his highest conviction positions and increasing the portfolio's concentration, in the expectation divergence between winners and losers will increase.

Some 97% of the £943m in fines collected by the financial regulator between 2010 and 2013 came from settlements, according to research from law firm Freshfields.