Profitability and business volumes in the UK financial services sector fell at record rates in the three months to early September, according to the results of the latest CBI/PwC survey.

Net mortgage lending has fallen to just a fraction of what it was 12 months ago, new figures from the Bank of England (BoE) show.

Jersey is poised to introduce legislation enabling the establishment of foundations on the island for the first time.

Prudential has announced plans to launch fund-link versions of its PruFund.

Standard Life Investments' (SLI) £320m UK Equity Growth fund has been rated AAA by Standard and Poor's.

Wealth management firm Citi Quilter has launched a new absolute return portfolio strategy.

The FTSE100 has plunged under 5000 again this morning as investors retreat from financial stocks in the wake of the Government's Bradford & Bingley nationalisation.

The US Government yesterday reached an agreement with the bipartisan congressional group over the $700bn bank bail-out package.

The nationalisation of Bradford and Bingley is set to push the combined burden of public sector debt and exposure to the housing market resting on the shoulders of the UK taxpayer to almost £1trn, reports The Independent.

The Government this morning nationalised the UK's eighth-largest bank Bradford & Bingley, with Santander taking on the beleaguered lender's savings business.