News

Ian Hannam, the chairman of capital markets at JP Morgan Cazenove, is understood to have resigned today after the Financial Services Authority (FSA) indicated it would fine him £450,000 for market abuse.

The FTSE 100 has traded flat at the open after gaining 1.9% yesterday - a day which also saw leading US indices reach their highest levels in four years.

Aberdeen Asset Management CEO Martin Gilbert has said he wants to oust Katherine Garrett-Cox as chief executive of the £2.1bn Alliance Trust, according to a report in the Telegraph.

Nottingham-based high net worth IFA Arden Court Group is to be acquired by discretionary wealth manager AFH Financial for an initial consideration of £362,000.

An irate adviser has said the latest FSCS interim levy is tantamount to mafia-style "extortion" and thinks clients - not advisers - should pay for firms' failures through an investment warranty.

The Association of Independent Financial Advisers (AIFA) has hit out at "spiralling" fee rises from the Financial Services Authority (FSA), Financial Ombudsman Service (FOS) and Financial Services Compensation Scheme (FSCS).

Standard Life has appointed Vanguard Asset Management to manage its range of 15 tracker funds.

The Pensions Ombudsman has ruled against a complainant who argued part of his pension should be classified as defined contribution to protect it from Pension Protection Fund reductions.

Defined benefit payouts will peak this year before tailing off as the impact of scheme closures is felt, the Department for Work and Pensions says.

Angela Knight is to step down as chief executive of the British Bankers' Association (BBA) this summer.