Payday loan companies routinely fail to treat their customers fairly and often encourage those struggling to repay the debt to extend their loan, according to research from the Citizens Advice Bureau (CAB).

FIVE THINGS

The proportion of high earners referring unresolved complaints to the Financial Ombudsman Service (FOS) almost doubled last year, illustrating, it said, that "few people are immune" from the effects of the economic crisis.

A debate on fund manager fees is likely to intensify following research suggesting some council pension funds are paying significantly more to asset managers than others.

The Co-operative Bank has appointed the former head of HSBC's North American propositions as its new chief executive.

Jon Pain, a former managing director and one-time interim chief executive of the Financial Services Authority (FSA), is to join state-owned Royal Bank of Scotland (RBS).

ARMCHAIR CRITIC

European markets recorded sharp falls in early trading on Thursday after Japan's Nikkei 225 index shed more than 1,100 points on concerns the US Federal Reserve may scale back its quantitative easing programme.

The Treasury raised an extra £1.3bn from income tax in the first month since the introduction of the 45p top rate, according to the latest figures.

Nucleus is set to expand the range of protection products available on the wrap to include inheritance tax and death-in-drawdown policies, among others.