The biggest FCA fines of 2014

Forex, IT meltdowns and advice failings made up a total of over £1.4bn in regulatory fines this year.

Claims firm ads banned again for targeting Lloyds customers

Online adverts claiming Lloyds customers may be due a refund for missold packaged bank accounts.

Our most talked about stories of 2014: MAS on adviser ethics and 'unaffordable' FOS complaint fees

Money Marketing’s most commented articles of the year.

Businesses back staying part of 'reformed' EU

Trade body says businesses want to be part of a reformed Europe.

Our most popular stories of 2014: The year of the Budget bombshell

The most read articles on Money Marketing this year.

Libyan crude burns as North African war rages

A massive tanker fire in eastern Libya may stem the precipitous fall in oil, with 850,000 barrels burned up already.

JPMorgan Asian drops performance fee and puts managers on notice

JPMorgan Asian investment trust has scrapped its performance fee and has put the management team on final notice after a year of abject returns.

Bank of England issues cybercrime warning

The Bank of England and financial firms have hed talks over hiring hackers to test firms’ ability to withstand a cyber attack.

Slew of GDP revisions reveals 'fragile' UK recovery

The UK recovery is looking “more fragile” than ever before, with five past quarterly GDP figures revised down by a considerable margin, Office for National Statistics data shows.

Is Japanese debt a ticking time bomb?

Abenomics crashes on sending the Topix higher and higher to investors’ glee, but an implicit bet on the creditworthiness of Japan accompanies the trade.

Accounting watchdog launches Tesco probe

The Financial Reporting Council has launched an investigation into Tesco that may see the company sanctioned and force the restatement of its last three financial reports.

Ex-adviser jailed for five years over fraud

Alok Dhanda found guilty of 37 counts of fraud.

EU regulator waters down dealing commission stance

Investment managers will not be banned from using dealing commission to pay for research.

Guernsey cells win £22m legal battle against Arch Financial

High Court rules fund manager behind Arch cru failed to exercise reasonable skill and care. 

Accord to become latest lender to increase proc fees

ARs and DAs will receive increased proc fees for residential mortgages.

Debt management firm to pay £185k in redress after FCA action

Delays in communications with creditors meant some customers owed more in charges. 

FCA bans ex-BlackRock MD for dodging £43k in train fares

Regulator rules Jonathan Burrows is not fit and proper. 

Govt to sell more of Lloyds stake

Taxpayer share expected to fall from 25 to 20 per cent, raising around £3bn.

EU policymakers reach deal over controversial trusts plans

Trusts to be made exempt from public registers in victory for UK. 

Legacy pension audit reveals £26bn exposed to high charges

Nearly £1bn of pension savings are being charged over 3 per cent, according to the Independent Project Board.

CML forecasts lending to grow 16% in next 2 years

Trade body says gross lending will reach £240bn in 2016.

RDR has pushed up cost of advice

Research says some advisers are recommending low-cost passive funds rather than reducing charges.

London & Colonial targets pension freedoms with guaranteed drawdown launch

Adviser-led product aims to meet post-Budget appetite for flexibility and certainty.

Ex-Towry boss to advise Irish wealth manager

Former Towry boss Andrew Fisher has joined the business advisory board of Davy Private Clients.

FCA to ban premium rate phone lines

Regulator says it is unfair for consumers to have to use expensive phone lines to complain. 

FCA to force firms to report all complaints

The FCA has proposed forcing firms to report all complaints they receive as the regulator looks to raise transparency requirements.

Coventry Building Society loosens affordability criteria

The lender has loosened its criteria by considering bonuses when calculating affordability.

BoE announces reforms to interest rate setting policy

Bank says MPC meetings could be cut back from 12 a year to eight.

Advisers say flexi-access drawdown poses biggest Budget risk

Research also finds advisers backing IHT reform.

Nucleus compensates hundreds of customers after technical glitch

Technology upgrade resulted in a series of trades being affected. 

Ex Origen boss Mike Kirsch to head up Saffron Building Society

Kirsch has been appointed interim chief executive of the mutual.

Industry backs Govt decision on post-75 pensions tax relief

The Government has dropped plans to extend tax relief to pension contributions made by people over the age of 75.

Taxpayers to fund £258m compensation for Northern Rock borrowers

High Court has ruled against the former bank over wording used in past loan documents.

Moray McDonald set to become CML chairman

McDonald is currently head of personal and business banking products at Royal Bank of Scotland.

L&G reveals post-Budget investment strategy

Mastertrust will offer members three investment options three years before retirement.

Partnership in record enhanced bulk annuity deal

£206m “top-slicing” transaction helps offset post-Budget fall in individual annuity sales.

Three directors convicted over £23m biofuels fraud

Convictions follow investigation by the Serious Fraud Office. 

Hargreaves Lansdown’s CFO Tracey Taylor to exit

Leaves discount broker after 15 years with the firm

Brokers accuse lenders of 'cashing in' on borrowers as SVRs rise

Average SVRs increased 0.12 per cent between January and October despite no movement in base rate.

Advisers hit back over paying for Budget guidance

No evidence that advisers will benefit from guidance guarantee, industry argues. 

ECB holds rates as Draghi paves way for QE in 2015

The Governing Council of the European Central Bank announced it is keeping interest rates on hold at the its monthly meeting today.

Trade body drafts radical pensions tax relief reform plans

An influential actuarial trade body is drafting radical pensions tax relief reform proposals.

High Court rejects advisers’ appeal against FOS Keydata complaints

Advisers had argued FOS decisions should be stayed until outcome of FSCS litigation is known. 

Clive Adamson set to leave FCA as closed book report looms

Adamson made newspaper briefing which caused insurers’ share prices to tumble. 

TSC committee member calls for MMR impact review

Brokers support Conservative MP Mark Garnier’s push for a Treasury review into the impact of new mortgage regulations.

AS 2014: Govt in further crackdown on Dotas tax avoidance schemes

Government will increase penalities for non-declaration of Dotas schemes. 

AS 2014: Stamp duty 'double taxation' to be removed for Paifs

An aberration in the tax code that means some property funds are stung with a stamp duty charge when converting to Paifs is being cleaned up, Chancellor George Osborne has announced.

AS 2014: Govt drops pensions tax relief for over 75s plan

The Government has dropped plans to extend tax relief on pension contributions made by people over the age of 75.

Osborne set to give non-UK fund groups CGT exemption

The UK Treasury is set to offer a carve out in the Capital Gains Tax regime for non-UK asset managers.

Royal Mail slides on Ofcom dismissal

Royal Mail’s share price has slid 2.9 per cent to 405.8p after the competition watchdog dismissed its plea for regulatory support against rivals.

TSC member to push for parliamentary review of the MMR

MP Mark Garnier, who says he has sympathy with lenders over transitional arrangements, to push for review of MMR.

FCA: Financial services needs ‘drink driving’ cultural shift

Regulator wants firms to do the right thing instinctively, not because of fear of enforcement. 

FSCS recovers £100m from Keydata; rebates half to fund managers

Fund managers will receive a cheque for £50m, says FSCS. 

Property investor charged with 12 counts of forgery and fraud

Phillip Martin, 41, will appear at Milton Keynes Magistrates’ Court on 12 December.

Moody's downgrades Japan due to 'third arrow' doubts

Moody’s has downgraded Japan one notch to A1 citing doubt about the timing and effectiveness of its monetary stimulus and uncertainty of reducing its deficit.

Architas unveils real assets fund for Rock

Architas has launched an alternatives fund for chief investment officer Caspar Rock that aims to grind out returns uncorrelated to precarious bond markets and equities.

Aviva to pay £2m compensation over misleading guarantee claims

Aviva is to pay compensation to 40,000 pension savers after they were misled over the existence of a capital guarantee.