Regulation

Lloyds Banking Group has set aside an extra £900m in payment protection insurance (PPI) provisions and confirmed it will cut 9,000 jobs as part of a switch from high street to digital banking.

The Financial Conduct Authority (FCA) has discontinued an investigation into whether a distribution deal between Partnership Assurance and an advisory firm contravened its rules on incentives, according to the provider.

The Association of Professional Financial Advisers (APFA) has reported a profit for the second time since 2010, although surplus figures dipped by almost £90,000.

The Financial Ombudsman Service (FOS) is determined to shed its reputation as an anti-adviser body, its chief executive has said.

The Personal Finance Society (PFS) has written to the Money Advice Service (MAS) and The Pensions Advisory Service (TPAS) to suggest they change their names to better reflect the services they offer.

There was a 61% jump in the number of financial promotions withdrawn or amended by the FCA in the last year, from 204 in 2012/13 up to 328 in 2013/14, according to Bovill, the specialist financial services regulatory consultancy.

Chief executive of the Institute of Financial Planning (IFP) Steve Gazzard has hit out at the advice sector, saying it "hasn't worked", and that financial planning is much more important than advice.

Simplified advice should not be restricted to those who have cleared their debts and had other ‘priority needs' met if the Financial Conduct Authority (FCA) is serious about closing the advice gap, according to a law firm.

The industry has criticised the Money Advice Service (MAS) chief executive's recent comments, saying she is worried about the ethics of financial advisers, as "unfair" and "threatening to undermine the hard work the sector is doing to overcome mistrust"....

Receiving a letter from the ombudsman saying a customer has made a complaint does not mean a case has been opened, the Financial Ombudsman Service (FOS) has advised.