The future stability of the global economy has been threatened by the Bank of England and six of the largest central banks issuing close to $6trn of "essentially free" money since the financial crisis, according to PIMCO's Bill Gross.

London's blue chip index approached its year-high in morning trading, with banking shares among the best performers, as hopes for a resolution to the US fiscal cliff boosted sentiment.

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Although 2013 will be a pivotal year in wealth management as RDR rulings are put in place on 1 January, the past 12 months have also been extremely busy as firms tighten up their business models to meet the deadline.

After a year of debate on a hard versus soft landing in China, leading investors in emerging market equities give their outlooks for 2013 as it appears China's economy has settled into a slower pace of growth.

The FTSE 100 has reached its highest level since March following positive consumer data from Germany and signs of improving growth in China.

The Governor of the Bank of England said he fears active exchange rate management could potentially start a currency war among some of the world's leading economies.

Lindsell Train co-founder Nick Train has said the single best performing stock in his portfolio in 2012 and his stock pick of the year is Hargreaves Lansdown.

Tony Lanning, multi-manager at Henderson Global Investors, has quit the group to join J.P. Morgan Asset Management.

Sterling fell against the dollar as Chancellor George Osborne announced the UK's fiscal austerity programme would be carried through to 2018.