The notion of free banking is a "myth" that may ultimately encourage the mis-selling of financial products, Bank of England executive director Andrew Bailey has said.

German Chancellor Angela Merkel and other senior European Union (EU) officials last night called on Greece to shelve plans to quit the single currency and urged it to see out its austerity programme.

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The proportion of complaints referred to the Financial Ombudsman Service (FOS) relating to independent financial advisers (IFAs) is continuing to fall.

HSBC has "postponed indefinitely" plans to move its headquarters from London to Hong Kong, its chief executive said.

Aegon-owned national IFA Positive Solutions said it has returned to profit after implementing a number of cost-cutting measures.

The Financial Services Authority (FSA) is assessing the credentials of candidates from across three continents in its search for a new enforcement head to replace Margaret Cole.

Aviva has reported a buoyant first quarter in protection, with sales up a fifth on last year.

EARWIGGING