The chartered insurance institute (CII) has called off a proposed merger with Australia and New Zealand professional body ANZIIF citing financial "discrepancies" in its antipodean equivalent's accounts.

Mortgage network Prestbury has confirmed a winding up petition against the firm has been granted.

Advisers are taking opposing stances on whether to cut charges for their clients as they react to the tough market climate.

Net lending could fall as low as minus £25bn next year as consumers repaying existing mortgage debt outweigh those purchasing a property, the Council of Mortgage Lenders (CML) says.

Resolution Ltd is set to float with the maximum £660m backing from investors after Citi exercised in full an over-allotment option entitling it to an extra £60m worth of ordinary shares.

Britain needs negative interest rates to claw its way out of recession but will instead cut them to 1pc and flood the market with cash through Japanese-style "quantitative easing", according to Legal & General Investment Management.

The Organisation of the Petroleum Exporting Countries' (OPEC) decision to cut production in a bid to support oil prices has so far not had the desired effect.

House prices across the UK 'plummeted' in November, according to the latest monthly market report from the National Association of Estate Agents (NAEA).

Healthy companies will struggle to survive unless the Government takes urgent action to deal with the intensifying credit crunch, the Confederation of British Industry (CBI) has warned.

National IFA 2Plan says major shareholder Standard Life will invest an extra £1.75m in the business before the end of the year