FSA rules around legacy assets are "unclear" and "incomplete" and could result in less transparency for consumers, according to the Investment Management Association (IMA).

The Bank of England's Monetary Policy Committee (MPC) has held fire on its quantitative easing (QE) programme and kept interest rates at their historical low of 0.5%.

Reckless bank chiefs who damage the economy could face jail sentences under new measures under consideration by the government.

Royal Bank of Scotland (RBS) has appointed Lazard to manage an auction of parts of its investment bank in a move which may lead to as many as 10,000 job cuts.

PLATFORMS

Members of the Bank of England's Monetary Policy Committee (MPC) voted unanimously to hold rates at their historic low and maintain the quantitative easing (QE) programme at £275bn - but they indicated more QE could be on the way.

The FSA's understanding of the platform industry has again been called into question after it sent an "odd" questionnaire to operators quizzing them on their relationship with fund managers.

Bank of England chief economist Spencer Dale has predicted inflation will fall to around 3% early next year and is confident the latest round of quantitative easing will prop up the economy.

Fears of a financial crisis hitting the UK are at their highest level since the collapse of Lehman Brothers, Bank of England research has revealed.

The FSA has deployed the services of Big Four accountancy firm Deloitte to quiz platforms about its proposed ban on fund manager and cash rebates.