The credit crunch has seen pension scheme funding of FTSE100 companies fall by more than £50bn in a year, Lane Clark & Peacock LLP (LCP) research suggests.

As widely predicted, the Federal Reserve has kept interest rates on hold at 2pc, while the accompanying statement gave little clue as to its future strategy.

Société Générale said that it had suffered a sharp drop in new accounts, a sign that potential customers were being scared away by the biggest rogue trader scandal in history, reports The Times.

Recently established advisory group Towergate Financial has acquired Nottingham-based M2 Financial, which will become its East Midlands regional business.

Consumer confidence has plummeted by almost half over the past twelve months, according to Nationwide's Consumer Confidence Index.

After an erratic start, the FTSE100 is in the black this morning, up 13.80 points (0.25%) to 5468.30 thanks to attempted takeover activity in the mining sector.

F&C has hit out at the continued uncertainty surrounding Friends Provident's 52% ownership in the firm, saying the speculation has hindered the fund manager's ability to gather new assets.

Standard Life recorded a 5% jump in UK life and pensions new business in the first half of the year, with strong IFA take-up and sales on its wrap platform a highlight for the Edinburgh-based insurer.

Vic Jannels, chairman of the Professional Mortgage Packagers Alliance (PMPA), has stepped down to focus on growing his own packaging business.

The one thing the Government needs to make their pensions reform agenda work is apathy.