Deputy Prime Minister Nick Clegg has backed proposals to give the public shares in part-nationalised banks RBS and Lloyds.

The FSA has already decided final rules governing platforms ahead of publication of its policy paper in July and will "not budge" on the proposal to ban cash rebates.

Shares in major UK banks have fallen following reports Chancellor George Osborne will force lenders to ring-fence their retail arms.

The FSA has stressed its preference for product intervention as an "essential" means of achieving consumer protection.

Japan's economy will shrink 0.7% this year because of the massive earthquake and tsunami which struck the country in March, said the IMF.

Eurozone finance ministers have provisionally agreed a new bailout package for Greece as the embattled nation struggles with its mounting debt.

The FSA's platform policy paper has been delayed to Q3 as the regulator struggles to formulate final rules on controversial areas including the proposal to ban cash rebates.

Eurozone inflation fell to a lower-than-expected 2.7% in May.

GAM is launching a range of active funds on the Cofunds platform as the asset manager looks to grab a foothold in the retail market.

The Bank of England is "failing in its remit" to control rising inflation which could undermine demand for bonds, according to Artemis manager James Foster.