News

Former Federal Reserve chairman Paul Volcker has hit out against plans to ring-fence UK banks, warning they will not be enough to protect British taxpayers from another financial crisis.

Standard Life Investments' chief executive Keith Skeoch has argued two to five years is the optimal investment time horizon, and investing over a longer period will not necessarily lead to better returns.

The Financial Services Authority (FSA) and Treasury "seem to be in denial of the pending shambles' caused by the Retail Distribution Review (RDR), Lord Flight has argued.

Canaccord Financial is set to acquire the wealth management arm of boutique private client investment management business Eden Financial, which has also put its asset management arm up for sale.

Old Mutual Wealth - which includes the soon to be rebranded Skandia businesses - is planning to take stakes in adviser firms which become restricted as part of a major change in its business plan post-RDR.

High street retailer JJB Sports is set to announce it is calling in administrators, according to a report by Sky News.

MAM Funds is preparing to expand its product range with the addition of a UK smaller companies fund for Gervais Williams and a US equity fund for Nick Ford.

European markets were well into positive territory in afternoon trading, lifted by Spanish bailout talk, while in the US, Apple's latest iPhone sent its shares up to a new peak.

UBS turned a blind eye when traders broke the bank's own internal rules, as long as they made a profit for the bank, the lawyer defending 'rogue trader' Kweku Adoboli has argued.

M&G's co-head of fixed income Jim Leaviss has warned the UK could face losing its AAA rating on 5 December, the day of the Autumn Statement, as the growing budget deficit could force George Osborne to abandon plans for fiscal consolidation.