Regulation

The newly branded Association for Professional Financial Advisers (APFA) voted to accept restricted advisers at its annual general meeting (AGM) held yesterday.

The managing director of the Financial Services Authority (FSA), Martin Wheatley, last night congratulated advisers for retaining the trust of their clients, explaining this is the industry's "great strength."

The director of the Serious Fraud Office (SFO) has admitted the organisation has been suffering from "failure in quality" and needs to "up its game", the Telegraph reports.

The current Financial Services Compensation Scheme (FSCS) funding strategy is 'unsustainable' and poses a threat to both advisers and consumers, according to Tenet.

Friends Life has appointed David Hynam as chief executive of the life company's UK operations.

Savoy Investment Management Limited failed to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients, the Financial Services Authority has said following its decision to fine the firm.

David Cameron has issued one of his strongest defences of the banking sector yet, telling the Lord Major's banquet those who "trash the banks would end up trashing Britain".

Wealth manager Ashcourt Rowan has agreed to a fine of £412,000 from the FSA for a number of legacy issues relating to investment suitability in its Savoy business.

The Financial Services Authority (FSA) has censured The Pentecostal Credit Union Limited (TPCU) for issuing loans worth £1.2m under its members' names but channelling the money to a church organisation.

Lord Sassoon, the architect of the twin peaks regulatory reforms, has warned the outcome of the Financial Services Bill could still be watered down by political pressure.