Millfield struggles to avoid FSA shutdown - papers 9th Dec

Millfield Group, which runs a network of almost 1,600 advisers, has admitted it needs to "pump up capital adequacy" - the cash cushion required by the Financial Services Authority to protect consumers, reports the paper. "We have an ongoing dialogue with the FSA on capital adequacy," said the finance director, Arthur Milton. The firm intends to strengthen its balance sheet by raising money from existing shareholders, mainly life assurance companies. ROYAL BANK of Scotland raised the possibility of share buybacks next year as it reported strong capital generation and said acquisitio...