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With its parent Fortis Group in Belgium, Holland and Luxembourg requiring a cash injection of €11.2bn from the three Benelux governments, Fortis Guernsey has had to shelve its plan to expand into Jersey.

Seemingly never-ending volatility in the financial sector has brought the FTSE crashing to a new 52-week low this afternoon.

Skandia International has announced a special offer of up to 105% allocation on three of its regular savings products, the Royal Skandia Managed Savings and Pension Accounts and the Skandia Ireland European Savings Account.

Jersey is poised to introduce legislation enabling the establishment of foundations on the island for the first time.

The nationalisation of Bradford and Bingley is set to push the combined burden of public sector debt and exposure to the housing market resting on the shoulders of the UK taxpayer to almost £1trn, reports The Independent.

Singapore and Hong Kong have swapped places in the City of London‘s Global Financial Centres Index (GFCI), sitting in the top five alongside London, New York and Zurich.

Friends Provident International has opened its first office outside the airport free zone in Dubai.

Britain's five leading high street banks have as much as £95.3bn ($175bn) of distressed assets on their books that may qualify for the American bailout scheme, reports The Times.

Cash rich Lighthouse Group is set to take advantage of the current market turmoil to acquire quality financial advice firms.

Parliament has set up a group to discuss and review residence and domicile legislation, yet its intention is unclear, according to Baker Tilly.