Skandia reported on Friday that it saw net sales of £1.3bn for the first six months of 2011.

Lloyds Banking Group has seen a £3.3bn loss for the first half of 2011, according to its half-yearly report.

Payment protection insurance accounted for 69 per cent of new complaints to the Financial Ombudsman Service this quarter.

Profits at Barclays have fallen by almost a third for the first half of this year, largely due to costs of compensation for those affected by the payment protection insurance scandal.

The Financial Services Authority has delayed its decision as to whether to ban cash rebates on platforms.

Wealth management firm St James’s Place saw zero profit in its distribution arm for the first half of 2011.

From 2012, workplace pensions law is changing and every employer will have to act, according to the Pensions Regulator.

Strategy consultant MDRC has todaypublished its 13th annual report on theUK High Net Worth sector and says that despite the country’s economic woes there are signs of a pick up.

Just 43 per cent of funds in the Absolute Return sector beat inflation over the last year, according to data from performance analyst FE Analytics.