Robin Farrell, the chief executive of Arch Financial Products, has formally launched a defence against claims he made secret profits amid the Arch Cru funds collapse.

The Financial Services Authority (FSA) has proposed a ban for Anthony Verrier, a senior executive at BGC Partners, after deciding he is not a fit and proper person due to concerns over his honesty, integrity and reputation.

A senior Church of England bishop has hit out as the interest rates being charged by short term lenders such as Wonga, describing them as "usurious".

A lawyer representing advisers potentially caught up by the Arch Cru redress scheme has hit out at the Financial Services Authority (FSA) for its attitude towards small firms.

FIVE THINGS

The Financial Services Compensation Scheme (FSCS) is to begin accepting claims from Direct Sharedeal customers, although it remains unclear whether the burden will fall upon financial advisers.

The Financial Services Consumer Panel (FSCP) has called for new regulator to be able to publish the results of mystery shopping exercises, among other recommendations for increased transparency.

CONDENSED NEWS

A financial adviser has failed in his appeal against a ban imposed on him by the Financial Services Authority (FSA) for failings related to advice on occupational pension transfers.

Axa Wealth saw its sales drop slightly in Q1 year-on-year, although its platform business continued its expansion, now representing 50% of all individual sales.