Northern Rock has announced plans to shed 650 jobs by the end of the year.

David Cameron has warned the UK's annual interest payments could surge to £70bn if cuts are not made urgently as he told the nation to prepare for "unavoidably tough" measures.

HSBC is looking to sell its private equity fund management businesses in the UK, US, Canada, Hong Kong and the Middle East.

Alan Lakey of Highclere Financial Services thinks the FSA's 30-month qualification deadline adds further pressure to an industry already weighed down by excessive regulation.

The head of Informed Choice says the FSA's imposition of a 30-month qualification deadline is "perfectly reasonable" and brings a sense of clarity for advisers.

The FSA says the cost of assessing qualification requirements - mainly stemming from plans to publish a qualification list - amounts to £60,000 each year.

The industry will have to cough up costs of £616,000 each year in order to comply with the regulator's ethical code of conduct.

The FSA will not push ahead with an ethical code just for investment advisers and has confirmed it will focus on key individuals within firms.

Nationalised bank RBS has axed 500 jobs at its wealth management unit as part of a restructuring plan.

The FSA has banned a commodity broker for manipulating coffee futures and options in the London International Financial Futures and Options Exchange market.