News

Members of parliament are set to receive a pay rise of more than £6,000 from 2015, though other allowances will be scaled back, the MPs expenses watchdog is set to recommend on Thursday.

The head of the Financial Conduct Authority (FCA) has revealed details of its thematic review into the £902bn unit-linked funds sector - and said it is also looking into the annuity market.

The whole market has reached an inflection point and investors must now start to adapt to life without "massive stimulus", according to Psigma manager Bill Mott.

Credit ratings agency Moody's has upgraded its outlook for British banks from negative to stable, saying they are strong enough to withstand another financial crisis.

UBS has become the largest global wealth manager after its assets under management soared in 2012, according to a survey from UK-based research firm Scorpio Partnership.

The Financial Services Authority handed out fines totalling more than £400m in the last year before it was overhauled, a huge jump from previous years amid mammoth fines for banks over LIBOR failings.

Regulatory reform costs of the former regulator, the Financial Services Authority (FSA) more than doubled in the last year of its operation and could in future be levied on firms, the FSA annual report has revealed today.

Staff costs at the regulator were £15.4m higher than budgeted for following its decision to make a one-off contribution of £22m to reduce its defined benefit pension scheme deficit.

Financial Conduct Authority chief executive Martin Wheatley received a remuneration package of £650,000 last year, it has been revealed.

Law firm Regulatory Legal has set up an alternative business structure with a wealth manager to package up legal advice for financial advisers to provide to their clients.