Insurance

Merchant House chief executive Christopher Day has stepped down with immediate effect.

The Association of Independent Financial Advisers (AIFA) recorded a deficit of almost £154,000 in 2011/12.

Resolution has confirmed its chairman Mike Biggs will leave the company after its governance overhaul.

RESTRICTED OR DIE?

Independent financial adviser Paradigm Group is to launch an asset management business offering discretionary fund management services.

Lloyds Banking Group (LBG) will no longer offer a mass market investment advice service for clients with less than £100,000 to invest.

Zurich is to cut 200 jobs from across its UK Life business.

Ken Edwards, the well-known IFA sales head who retired from Baillie Gifford in 2011, has joined Enterprise Investment Scheme (EIS) provider Calculus Capital.

Aviva has said up to 800 jobs at its UK business are under threat as it continues to drive through cost-cutting measures.

A former tied adviser who defrauded a friend out of £22,000, pocketing £10,000 for himself, has escaped jail but must repay the money.