News

A former financial adviser has admitted to defrauding clients out of more than £1m over a 20-year period.

Hector Sants, chief executive of the Financial Services Authority (FSA), said yesterday he was "talked into" applying for the most senior post at the regulator as he apologised for the failure of RBS.

The United Kingdom was one of only two of the 27 EU member states to refuse to sign a fiscal treaty on budget discipline last night.

Wealth manager Mattioli Woods saw a 17% dip in profits in the six months ending 30 November as the group was hit by a slowdown in investment activity.

Aviva Investors' London-based equity fund managers are at risk after the group said it is planning to cut 12% of its workforce globally in its latest shake-up.

Lifesearch has bucked the trend of declining protection sales with a significant growth in business last year.

The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.

Aviva's share price fell 3.12% today after it announced it will sell three of its overseas arms to MetLife.

The asset management industry must create an industry standard to bring greater transparency to investment charges, Fidelity Worldwide Investment said today.

Critical illness (CI) and mortgage payment protection insurance (MPPI) are among the most complicated financial products for consumers to understand, the ABI has found.