Regulation

The Financial Ombudsman (FOS) is warning consumers not to fall for a cold calling scam in which the fraudsters claim to be from the service.

A Barclays manager and a personal banker have been jailed for a £1.4m fraud of elderly customers, in a crime linked to organised gangs.

The head of operations at the Financial Ombudsman Service has left amid concerns of high staff turnover at the organisation, which is now seeking a replacement for the £140,000 a year role.

The Treasury has sold Northern Rock plc to a consortium led by Richard Branson's Virgin Money for £747m, at a £650m loss on the £1.4bn of capital it injected into the bank.

Five individuals suspected of being involved in land banking by way of an unauthorised collective investment scheme have been arrested.

IFAs hit social networking site Twitter to express their anger after an undercover investigation found financial advice given by high street banks and building societies is failing consumers.

The FSA today set out 13 examples of when the legacy commission ban will kick in - and a narrow set of circumstances under which advisers will be allowed to receive trail commission in the post RDR world.

The FSA has confirmed its proposed ban on legacy commission in a widely-expected move.

Financial secretary Mark Hoban has defended the Money Advice Service after a prominent peer launched an attack on pay levels at the organisation.

Independent advisers who deal compliantly in complex products such as unregulated collective investment schemes (UCIS) should charge a premium for the service from 2013, Threesixty's Tony Bray has said.