News

Law firm Regulatory Legal is preparing to represent some of the 900 advisers affected by the administration of Honister Capital.

The imminent division of the Financial Services Authority (FSA) into two regulatory bodies presents an opportunity to leave the FSA's "damaged reputation" in the past, its chairman, Adair Turner, said today.

Financial advisory group Honister Capital has entered administration after failing to secure professional indemnity insurance (PII) for its member firms.

The FTSE 100 has risen in early trading as investors build on recent gains, but Barclays' share price remains volatile as investors react to CEO Bob Diamond's resignation.

The resignation of Barclays CEO Bob Diamond does not lessen the possibility of criminal proceedings against those involved, Chancellor George Osborne has warned.

Barclays boss Bob Diamond has resigned from the bank with immediate effect, just one day ahead of a parliamentary hearing into his conduct following the LIBOR scandal.

The government has ordered a parliamentary inquiry into professional and cultural standards in British banking less than a week after Barclays was fined for attempting to fix Libor and its European equivalent, Euribor.

Analysts have suggested the fallout from the LIBOR price-fixing scandal may ultimately lead to significant asset disposals or even a break-up of the bank.

Firms that continue to have issues picked up on by the Financial Services Authority (FSA) are likely to be treated more harshly by the regulator's successor, according to one of its directors.

Platform and discretionary fund manager Parmenion said it is attracting about £20m of new business per month, after revealing its tiered charging structure ahead of the Retail Distribution Review (RDR).