The Investment Management Association (IMA) has begun publicly revealing Targeted Absolute Return funds' rolling 12-month performance as part of a tightening of requirements, following widespread criticism of the sector.

Liontrust chief executive John Ions has said the group "does not see the need" to offer multiple share classes to different distributors in order to stay competitive.

The long-awaited Parliamentary Commission on Banking Standards report has criticised the government's handling of part-nationalised UK banks and recommended criminal sanctions for senior executives who behave "recklessly".

The Cypriot president has asked eurozone officials to overhaul the country's €10bn bailout plan due to its unmanageable impact on the Cypriot economy, according to reports.

UK CPI inflation rose from 2.4% to 2.7% in May, according to the Office for National Statistics, a larger than expected rise driven by transport and clothing costs.

Is cash now the go-to asset? Leading investors are rediscovering its attractions as market valuations reach breaking point and inflation levels drop to historic lows.

Paul Tucker, deputy governor for financial stability at the Bank of England, is to leave later this year after more than 30 years of service.

Charles Stanley has raised its final dividend by 4.4% after reporting an 8% increase in adjusted pre-tax profit for 2012-13.

Vanguard managing director Thomas Rampulla and AXA IM UK head Irshaad Ahmad have joined the IMA board, boosting total numbers to 18.

Neil Woodford's £13.7bn High Income fund is at risk of being expelled from the IMA UK Equity Income sector at the end of 2013 if its historic yield does not improve.