FSA

The FSA plans to strengthen its Remuneration Code to encompass over 2,500 firms which will include setting firmer rules on bonus structures for key staff.

Mervyn King wants a new breed of regulators focused on public service and not huge banking-style pay packages when responsibility for financial regulation transfers from the FSA to the Bank of England in 2012.

The FSA is urging IFAs to carry out an urgent review of any advice they have given on unregulated collective investment schemes (UCIS) and make redress to customers if needed.

The Financial Services Authority (FSA) has banned the three directors of Simply Trading Group (STG), Stephen Coles, Luke Ryan and Michael Yamoah, from senior management positions for falling short of FSA standards.

David Jones, a former finance director at majority state-owned lender Northern Rock, has been banned and fined by the FSA for misreporting arrears figures.

An adviser who worked for now-defunct UK Expatriates IFA Services has been jailed for three years for stealing more than £330,000 from clients.

AIFA says the FSA has yet to explain a dramatic 37,000 drop in the estimated number of UK advisers.

The Consumer Protection and Markets Authority (CPMA) will follow the same strategy as the Labour-built FSA it is set to replace, the Treasury says today.

The Consumer Protection and Markets Authority (CPMA), one of the bodies set to replace the FSA from 2013, will be subject to audit by the National Audit Office (NAO) under rules proposed by the Treasury today.

Mark Hoban, the City minister, will use a speech to an audience of top bankers and business leaders tomorrow to flesh out the coalition's plans to tear up Labour's regulatory system and disband the FSA.