Regulation

Codename Project Minerva: Sesame's past business review uncovered

A further 12 advice firms have been declared in default by the Financial Services Compensation Scheme (FSCS).

Wealth manager Towry has signed a deal with risk profiling software developer FinaMetrica, which will see the firm's risk tolerance software rolled out across Towry's financial planning and investment processes.

Compensation paid out by the Financial Services Compensation Scheme (FSCS) to customers of failed advice firms has so far totaled almost £1bn.

Bank of America has set aside $400m (£253m) due to rising litigation costs associated with an investigation into foreign currency manipulation at the bank.

The liquidated Connaught fund is to sue its former authorised corporate directors on behalf of a group of investors, investment platforms and the trustee of a unit trust.

The Financial Ombudsman Service (FOS) has directed a complainant to his former adviser after ruling a charge levied on his investment by his platform was "fair and reasonable".

All seven product providers featured on Sesame's ‘focussed' restricted advice panel have denied breaching the regulator's rules on inducements, after the network was fined £1.6m for selling the coveted spots to the highest bidders.

Two fraudulent investment companies that raised more than £850,000 from the public for near worthless carbon credits have been ordered into liquidation by the High Court.

Legal & General Assurance Society (L&G) has been directed to compensate two clients it advised to transfer savings out of their employer's pension arrangements 21 years ago.