Advisers have welcomed plans to introduce a compulsory code of practice for insurers which is designed to encourage consumers to shop around for an appropriate annuity when they approach retirement.

Lighthouse group has set aside £2.5m to cover expected mis-selling claims from clients and closure costs as it winds down one of its adviser network businesses.

The FSA today said it "welcomed" the government's intention to give regulators new powers to publicise when a warning notice has been issued against a firm, but claimed they do not go far enough.

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(Updated 2pm) Continued heavy selling saw London's FTSE 100 slump by more than 4.9% to its lowest level in a month after the Federal Reserve painted a gloomy picture of the global economy.

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Tim Breedon, CEO of Legal & General (L&G), is to retire from the company at the end of 2012, when he will have completed a quarter of a century at the insurer.

The Federal Reserve will not pump extra money into the ailing US economy, but policymakers last night unveiled a new scheme which they hope will stimulate growth.

National IFA 2plan Wealth Management is to be restructured to incorporate a network model, catering for registered individuals (RIs) and appointed representatives (ARs).

The Financial Services Authority (FSA) has taken enforcement action against two directors of Perspective Financial Management for failures in relation to the promotion of unregulated collective investment schemes (UCIS).