News

The FSA has fined Ravi Shankar Sinha, the former CEO of JC Flowers & Co UK, £2.867m for fraudulently obtaining £1.367m for himself from a company owned by a private equity fund advised by JC Flowers by means of a fictitious invoicing scheme.

F&C Asset Management has told investors it expects to take a £2.3bn hit to its assets under management this year when Friends Life withdraws money from its annuities business.

The Financial Services Authority (FSA) has appointed a former vice chairman of Lazard & Co as its investment banking sernior adviser.

Friends Life has made two senior protection appointments including poaching Ageas' head of sales.

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.