News

Banks, building societies and credit unions will be asked to pay £406m as their initial contribution to the costs of the five bank defaults of 2008.

Daniel Godfrey has stepped down from his role as director general of the AIC, after 11 years in the job, to "seek a new challenge".

Mortgage approvals for house purchase and remortgaging in June have risen above the previous six-month average.

Just Retirement saw record business levels in the second quarter of 2009, though it was not enough to prevent the group from posting a sales decline in the 2008/09 financial year.

Friends Provident International has agreed to distribute its single premium insurance bond, Global Portfolio, through Australia New Zealand Banking Group (ANZ) in Singapore.

Risk appetite among investors in July was at its highest level since mid-2004, according to a survey by State Street Global Markets.

Canada Life International (CLI) has extended its offer of an extra 1% allocation on all new cash invested in its Offshore Savings Account.

Gross mortgage lending by building societies hit the highest level seen this year in June although it remains 40% lower than last year.

Ignis Asset Management has appointed a five-strong European distribution team plus support staff as part of the expansion of its distribution capabilities into Continental Europe.

The government body at the heart of efforts to prop up Britain's banks is facing fresh upheaval with the appointment of a new chairman and the departure of its chief executive, writes the Daily Mail.