The Financial Conduct Authority (FCA) and US authorities have hit five banks with fines totalling £2bn for failing to properly control their foreign exchange practices.

Platforms saw the rate of assets under administration (AUA) growth jump by almost a fifth in the third quarter of 2014, according to research from Fundscape.

Platforms are stepping up their white-label investment offerings to advisory firms as an increasing number of orphaned clients presents a growing challenge in the run-up to the 2016 legacy commission ban.

Asset managers deserve to be paid up to a third of the alpha they generate, Towers Watson's EMEA head of investment has suggested.

Schroders has beaten analysts' expectations to post an 18% growth in profits in the third quarter of the year.

Old Mutual Wealth saw Q3 net inflows rise 33% year-on-year as government savings reforms began to take effect and the WealthSelect range gained traction.

Henderson Global Investors has replaced its head of emerging markets with former First State manager Glen Finegan.

RBS has reserved £400m for a currency probe as it reported a third successive quarterly profit thanks to reduced costs and strengthening economic conditions.

'There could be disasters in the D2C space'

The operators of twenty-eight of the UK's largest investment platforms are forming the UK Platform Group in the aim to more fully represent the industry.