Cautious Managed was the top-selling sector on Cofunds in August as advisers continue to outsource investment decisions in the run-up to the RDR.

Greece's economy contracted by a worse-than-expected 1.8% in the second quarter as consumers in the debt-laden country reined back spending.

A group of institutional shareholders is threatening to issue a joint letter demanding the resignation of Harvey McGrath as chairman of Prudential.

Britain's largest banks will present their "living wills" to the FSA next month, ahead of the G20 summit of leading industrialised nations in South Korea.

Economic growth in the eurozone will finish higher than forecast in 2010, the European Central Bank (ECB) has said.

America's wave of new financial regulation is likely to prompt the country's biggest financial institutions to break themselves up, according to the chairman of the Federal Reserve.

Disappointing economic figures from the US coupled with a warning over a double-dip recession in the UK have plunged global markets further into the red in afternoon trading.

The FTSE 100 has plunged in late morning trading as renewed concerns over the global economy end the recent rally powered by M&A speculation.

A number of the UK's largest banks have warned the proposed changes to the country's regulatory system - including the scrapping of the FSA - will leave too much power in the hands of small group.

Greece is set to receive the second instalment of a rescue loan provided by the EU and IMF following the country's progress in cutting its deficit.