Treasury

Fines levied by the regulator against the financial services industry soared by almost 50% this year, as the tougher stance of the new Financial Conduct Authority (FCA) left its mark.

The Treasury is exploring the idea of capping tax-free ISA allowances to crack down on 'ISA millionaires', while investigating plans to reduce the amount retirees can take as a tax-free lump sum.

The government has extended a payment scheme for Equitable Life policy holders to mid-2015 and is due to launch an advertising campaign to encourage more policyholders to come forward.

FIVE THINGS

The UK government has lodged a legal challenge with the European Court of Justice (ECJ) on the EU's proposed cap of bankers' bonuses.

It is "unrealistic, uneconomic and unnecessary" to expect those approaching retirement to take regulated financial advice, according to Hargreaves Lansdown.

The Treasury has been accused of pushing out Royal Bank of Scotland (RBS) chief executive Stephen Hester to cut down any potential pay-off from the state-backed lender, according to a new book.

HM Revenue & Customs (HMRC) has successfully challenged a stamp duty land tax avoidance scheme, protecting some £68m of taxpayers' money.

The Treasury's handling of Equitable Life policyholders' compensation has been "unacceptable poor" and hindered by "delays and spiralling costs", the Public Accounts Committee will say later.

The UK government is considering divesting £5bn of its stake in Lloyds Banking Group as early as September this year, according to reports.