Over £2.25bn was paid out by financial services firms in redress during the second half of 2011, mainly due to payment protection insurance, according to the  Financial Services Authority.

Chancellor George Osborne has removed the £1m limit on investment into venture capital trusts in a single company.

The Financial Policy Committee proposes it should have ‘powers of direction’ over capital requirements and leverage ratios in specific financial services sectors.

The Financial Ombudsman Service has confirmed its budget for 2012/13 will be £191.1m.

Gary Shaughnessy, UK managing director of Fidelity, has moved to become the chief executive of Zurich UK Life.

There is less than a month to go until the Institute of Financial Planning Ethics Conference on 26 April.

Towry has seen its assets under management and revenue growth rise in 2011.

AXA Wealth, an Institute of Financial Planning sponsor, has reached £4bn in assets on its platform.

Coutts has been fined £8.75m by the Financial Services Authority over failures to establish and maintain anti-money laundering systems.