Co-operative Bank

The new chief executive of Co-operative Group is to carry out a strategic review of the business in the wake of is bank being downgraded by Moody's last week.

The Co-op could require taxpayer support for its banking arm after the business had its credit rating downgraded by Moody's, which warned the mutual faced losses that it might not be able to afford.

The Co-op's decision to pull out of the deal to acquire the 632 'Project Verde' branches from Lloyds has many consequences, some of which read across to the advice industry, according to Sense Network commercial director Steve Young.

Co-operative Group has pulled out of a deal to buy 632 branches from Lloyds Banking Group, saying it was not in the best interests of its members to proceed.

Axa UK plans to withdraw face-to-face financial advice in the branches of its UK banking partners the Co-op, Clydesdale and Yorkshire Banks.

A quarter of UK bank customers have experienced problems with their account in the past 12 months, according to a survey by consumer group Which?.

Royal London has agreed to buy the Co-operative Banking group's life insurance and asset management businesses in a deal worth up to £219m.

Yorkshire and Clydesdale have confirmed that they will be joining a host of other high street banks to exit the advice market.

The Financial Services Authority (FSA) has fined the Co-operative Bank £113,300 for "serious failings" in its handling of complaints arising from sales of Payment Protection Insurance (PPI).

Seven more banks have agreed to join the Financial Services Authority's (FSA) review of sales of interest rate hedging products to SMEs.