The investment industry is inefficient and in need of a radical overhaul if it wants to meet the needs of an under-served consumer base, Financial Conduct Authority (FCA) board member Mick McAteer has warned.

The Chartered Insurance Institute (CII) has appointed Law Commissioner David Hertzell to chair its Professional Standards Board (PSB), succeeding David McIntosh who will leave his post at the end of the year.

The financial services industry needs to tackle its "complexity problem" to make it easier for consumers to understand product choice and protect the most vulnerable, the regulator has said.

The UK arm of international advisory firm deVere Group has been the target of another cloning scam, with perpetrators imitating its advisers and forging business cards to dupe clients, the firm's UK chief has said today.

The Chancellor, George Osborne, has changed the date on which he will deliver his Autumn Statement to Parliament to 5 December.

The Institute of Financial Planning (IFP) has appointed Sam Rees-Adams as director of professional standards, a new post created following the early retirement of education director Sue Leech.

Investor group Little River Victims (LRV) has started proceedings against an Algarve-based golf resort developer after losing $3m of investments in US properties that were sold to them through their advisers.

The Financial Conduct Authority (FCA) is likely to be more ‘intrusive' than its predecessor on the policing of firms' financial promotions and has so far intervened more than 200 times on the issue, according to a consultancy.

NOT A FIVE

The Financial Conduct Authority (FCA) has set out plans to cut regulatory fees by reallocating advisers who have permissions to hold client money or safeguard and administer assets to different fee blocks.