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State Street UK has been fined £22.9m by the Financial Conduct Authority (FCA) for overcharging clients on a range of financial transactions.

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A financial adviser is among 13 people charged in connection with allegations that they conspired to cheat HM Revenue & Customs (HMRC) out of £2.5m of tax via a complex film scheme designed for that purpose.

Network Openwork has appointed Christopher Rodrigues as chairman.

Financial services industry players have voiced their frustrations about the regulator's lack of clarity in the direct to consumer (D2C) and simplified advice space, saying it is hampering innovation and preventing them from bridging the advice gap.

The True Potential group has reported its net profit for last year was up 47% as it benefited from a drastic increase in adviser numbers.

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Many financial advisers are still swerving questions about fees one year after the implementation of the Retail Distribution Review (RDR), according to an investigation by consumer group Which?

Barclays plans to close a quarter of its branches in the UK and cut hundreds of jobs in its investment banking division as part of a restructuring.