F&C has confirmed its head of funds and investment trusts Charlie Porter is set to leave the group, with Thames River's Mike Warren becoming head of F&C's retail business.

The UK economy shrank by 0.7% in the second quarter of the year, a far worse contraction than economists had forecast, keeping the UK mired in recession.

GDP data released today is expected to paint a miserable picture for the UK economy, with a contraction in growth forecast for the second quarter.

Financial Services Authority (FSA) chairman Lord Adair Turner said the regulator is reviewing its approach to supervision following the LIBOR scandal, but said it would cost too much to prevent all malpractice in the industry.

BIG INTERVIEW

Goldman Sachs Asset Management chairman Jim O'Neill looks back over a week of mixed economic indicators from two of the world's leading powerhouse nations.

John Kay has released his final report on the UK financial services sector, calling for investors to rethink their approach to portfolio construction and risk management.

Moody's has downgraded the credit rating of financial services group Close Brothers, pointing to the rapid growth of its loan book and its exposure to the flagging UK economy.

The Bank of England said it may reconsider the case for cutting interest rates once the impact of the new funding for lending scheme becomes clear.

HSBC has apologised to the US Senate after the bank was found to have allowed drug money to be laundered through its accounts.