The Financial Services Authority(FSA) has launched a crackdown on ACDs operating in the UK in the wake of the Arch cru scandal, as one major player confirms it is pulling back from the market.

Principal Investment Management has placed a number of veteran UK income managers onto its infamous Black List of funds, part of the group's latest Income Study.

Lloyds Banking Group has reported a loss of £439m in the first half of the year, after the bank was forced to set aside an additional £700m for payment protection insurance (PPI) claims.

The former head of JPMorgan Cazenove, Naguib Kheraj, has emerged as one of the frontrunners to succeed Bob Diamond as chief executive of Barclays.

Standard Life Investments (SLI) has joined a host of larger fund groups launching low-cost share classes ahead of the retail distribution review (RDR).

Lloyds Banking Group could have to pay out as much as £1.5bn if found guilty of manipulating the LIBOR rate, analysts at Liberum Capital have warned.

J.P. Morgan Asset Management (JPAM) has launched an emerging market income fund for Richard Titherington.

Alliance Trust Investments has closed down three funds and announced a number of redundancies as chief executive Katherine Garrett-Cox overhauls the business.

The Bank of England (BoE) has extended its quantitative easing programme by £50bn, in a bid to get the UK economy out of recession.

Barclays' share price has plummeted more than 8% this morning amid calls for boss Bob Diamond to quit in the wake of the LIBOR scandal, and ahead of a speech from George Osborne on the debacle later today.