Regulation

Advisers will contribute £33m towards the total expected cost of running the Financial Services Compensation Scheme (FSCS) in 2012/13, although they will also pay an additional interim levy of at least £40m before April.

The financial services industry will pay an extra £40m toward the Money Advice Service (MAS) after it agreed to take on responsibility for coordinating and providing debt advice.

Advice firms will pay £38.4m towards funding the Financial Services Authority (FSA) in 2012/13, the regulator proposed today.

The Financial Ombudsman Service (FOS) looks set to hold its ground on plans to include the names of businesses involved when it starts publishing final decisions.

The Treasury has again rejected calls to allow more alternative investment market (AIM) shares in individual savings accounts (ISAs).

A campaign designed to tackle what it sees as opaque charging structures in the UK investment management industry was launched today by boutique wealth manager SCM Private.

The Financial Services Authority (FSA) has confirmed it will press ahead with the ban on commission, despite suggestions European Commission proposals could hamper, or even put an end to, its plans.

The FSA has fined Ravi Shankar Sinha, the former CEO of JC Flowers & Co UK, £2.867m for fraudulently obtaining £1.367m for himself from a company owned by a private equity fund advised by JC Flowers by means of a fictitious invoicing scheme.

The Financial Services Authority (FSA) has appointed a former vice chairman of Lazard & Co as its investment banking sernior adviser.

A former financial adviser has admitted to defrauding clients out of more than £1m over a 20-year period.