The Financial Services Compensation Scheme (FSCS) has recovered £100m from the estate of failed traded life settlement firm Keydata, and the advisers who mis-sold it, and will rebate half the sum to fund management levy payers.

Aegon is overhauling its funds for workplace pensions to offer equity-heavy multi-asset plans, in a move away from the industry standard of switching those nearing retirement into ‘safe-haven' cash and gilts.

Aviva has agreed to buy Friends Life for £5.6bn in a deal that will create the UK's largest insurance, savings and asset management firm.

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Axa Elevate has said a ‘systems error' is causing delays in income payments to hundreds of clients on the platform.

Personal Touch has appointed Jane Cross, formerly finance and IT director, as the network's chief executive officer.

Legal & General (L&G) is splitting its savings business in two and restructuring other parts of its L&G Assurance Society (LGAS) division ahead of the departure of the arm's chief executive John Pollock next May.

Fiveways Financial Planning director Chris Gilchrist has teamed up with Parmenion to overhaul his firm's investment offering, in a move away from in-house model portfolios towards a hybrid discretionary managed proposition.

Financial advisers could be worth up to 3% a year in net returns to clients, compared to what they could achieve on their own, according to peer reviewed research conducted by Vanguard Asset Management.

Three investments in off-plan property firm Arck totalling £45,000 were too high risk and complex for a client, the Financial Ombudsman Service (FOS) has ruled, despite the adviser's claims he had previously invested in similar schemes.