The FSA has appointed three more non-executive directors to the strategic board of the Financial Ombudsman Service (FOS), as it prepares for an avalanche of extra claims over Payment Protection Insurance and a series of investment company failures.

Kaupthing approved loans worth €2bn (£1.69bn) for Alisher Usmanov, the billionaire behind Arsenal FC, less than two weeks before the Icelandic bank went bust.

Tax bosses are facing an inquiry into how they strike deals with multinationals following accusations that Vodafone was let off a £6bn bill.

Lifemark must find $11m from its dwindling coffers to repay with interest a £1.5m loan from Norwich & Peterborough (N&P) and $7.5m from CarVal, as both companies back out of providing longer-term funding.

The Office of Fair Trading (OFT) has hit RBS with a fine for £28.59m for breaching anti-competition rules by disclosing its pricing information to rival Barclays.

The FSA's refusal to extend the timetable for meeting its professionalism rules, published today, hands a competitive advantage to large firms and banks, says Harriett Baldwin MP.

FSA accredited bodies will be allowed to continue checking a sample of just 10% of advisers' CPD to verify standards of professionalism.

Paul Hudson, CEO of Cirencester Friendly, welcomes recent FSA proposals to exempt certain Holloway-style protection products from the RDR's fee-charging and professionalism rules, but insists there is still work to be done.

Barclays tore up every TCF rule in the book to flog the two Aviva funds linked to today's record-breaking FSA fine. But shockingly, this is not an isolated case of negligent advice from major financial institutions and the big question is who will be next in the firing line?

The FSA has fined Barclays £7.7m, the highest imposed for retail failings, for poor investment advice linked to the sale of two Aviva funds, and has secured £60m in redress for customers.