Lloyds Banking Group has been hit with a record fine by the Financial Conduct Authority (FCA) for retail conduct failings - related to serious flaws in the controls over sales incentive schemes - of over £28m. But what went so wrong?

Fines levied by the regulator against the financial services industry have soared by 50% this year, as the tougher stance of the new Financial Conduct Authority (FCA) leaves its mark.

HSBC is weighing up floating its UK arm, according to reports, ahead of new rules that demand banks ringfence their retail banking operations.

The Retail Distribution Review (RDR) has "intensified the competitive environment", according to wealth manager Brewin Dolphin, as it announces profit before tax for the year to September was 4% down on the previous year.

Morningstar has launched qualitative research and ratings for passive funds for the first time, assigning a Morningstar Analyst Rating to 25 of the most popular index funds in the UK.

Royal Bank of Scotland (RBS) will have to undergo an independent skilled person review of its lending practices following allegations that it put some good and viable businesses into default so it could boost profits.

Total expense ratios (TERs) of 240bps for a combination of adviser fees, discretionary management charges, platform costs and fund manager fees are 'unsustainable' and will likely be driven down, according to Schroders head of UK intermediary Robin Stoakley....

Arch Financial Products - headed by chief executive Robin Farrell - has been accused of taking £3m in fees for a deal involving the Arch cru funds which "was valued at nil", the High Court heard today.

Bristol based discretionary investment firm, R C Brown Investment Management (RCBIM) has recruited the team that managed the ‘Signature' investment proposition for Rowan Dartington.

US futures firm MF Global Holding has been ordered to pay $1.2bn (£740m) in restitution to its customers over its collapse.