Today's confirmation that cash rebates will be banned is a 'blow' to wrap platforms and presents a 'significant challenge' to their business models, fund supermarket Skandia has said.

The Financial Services Authority (FSA) has suggested it will not extend its proposed ban on platform rebates to life companies, but has promised to explore the issue further.

Rating agency Moody's is preparing to downgrade several UK banks this evening, including RBS, Barclays and HSBC, according to reports.

A top official at the Financial Services Authority (FSA) has warned Britain's four largest banks face more questions over their sale of interest rate hedges to small business customers.

The Bank of England has warned hedge fund managers the eurozone crisis could result in a clampdown on their activities.

UK Money Market funds swung back in to favour in May as investors looked to shelter money amid the ongoing eurozone debt crisis.

The Connaught Asset Management board has proposed winding up the suspended Connaught Income Series 2 offshore fund.

FundsNetwork has announced a range of 50 exchange traded funds (ETFs) will launch on the platform for advisers next week.

FundsNetwork has fired a warning shot to fund managers, saying any "special deals" struck up with rival platforms will be revealed under the transparency principles underpinning Retail Distribution Review (RDR).

Ashcourt Rowan subsidiary Savoy Investment Management has transferred six investment management staff to Walker Crips.