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A Bath-based adviser has been banned by the Financial Services Authority (FSA) for failings relating to unregulated collective investment schemes (UCIS).

Lindsay Tomlinson is to join Legal & General (L&G) as a non-executive director from 1 May.

Prudential has been fined £30m by the City watchdog while its chief executive Tidjane Thiam has been officially censured, following the failed AIA deal in 2010.

Tyneside-based advisory firm, Moneygate, has acquired a 'significant' stake in wealth management firm Spence and Spence.

FSCS FUNDING

Friends Life is forecasting a total cost of £280m for its business restructure and outsourcing programme, latest results show.

Resolution full-year profits were down to £274m after increased integration costs hits returns, however the insurance operation raised its dividend to 6.3%.

One in ten advisers are now restricted compared with one in 30 in fourth-quarter 2012, and this will increase to one in six by the end of the year, research predicts.

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