News

A financial aggregation service claiming to herald a "revolution" in client data-gathering has launched amid a surge of FSA fines for failing to comply with the "know your client" rule.

The Bank of England has held interest rates at 0.5%, marking the 18th consecutive month they have been at this historical low.

John Moret, marketing director for Suffolk Life, has warned pension providers with cumbersome legacy issues they may fail to cope with the raft of legislative changes over the coming year and face challenges from new players.

Cautious Managed was the top-selling sector on Cofunds in August as advisers continue to outsource investment decisions in the run-up to the RDR.

The FTSE 100 has fallen 0.3% or 16 points to 5,413.5 in early trading after America's Federal Reserve said overnight there were "widespread signs of deceleration" in the US economy.

The directors of the UK's top 102 companies accrue pension pots of £3.8m on average, a study by TUC PensionsWatch says.

Thousands of IFAs exposed to crippling Lifemark and Keydata compensation claims face bankruptcy because a common insolvency exclusion in professional indemnity (PI) insurance will leave them without cover.

Aegon-owned national IFA Positive Solutions has hired a compliance and risk director as it continues to conduct a company-wide legacy business review.

Business secretary Vince Cable has conceded the UK's biggest banks may not be split along "crude lines" but instead firewalls could be introduced to separate retail and investment arms.

Goldman Sachs has agreed to pay a fine of £17.5m to the FSA after failing to disclose trader Fabrice Tourre was under fraud investigation by the US Securities & Exchange Commission.