FSA

UK - Standard Life has been fined £2.45m (US$4.1m) by the Financial Services Authority for serious failures relating to its Pension Sterling Fund.

The Financial Services Authority fears advisers and employee benefit consultations will switch group personal pensions around the market to continue receiving commission.

Advice on group personal pensions should be paid for on a fee basis, even if employees receive no individual advice, the Financial Services Authority says.

The Labour party's proposal to phase in employers' contributions to personal accounts until 2016 "undermines" the whole project, the Conservatives say.

UK - Institutional investors will have to sign up to a stewardship code as part of Sir David Walker's reforms on bank pay and governance as shareholders.

High profile pension lawyer John Quarrell has lashed out at the financial regulators which shut down his company - accusing them of victimisation and underhanded behaviour.

The proposed European Union directive to regulate alternative asset managers could cost investors some €5bn (£4.6bn), a report commissioned by the Financial Services Authorities reveals.

UK - The Financial Services Authority has confirmed it will continue to require disclosure of short selling - but said it will focus on pushing for an international transparency regime rather than establish long-term rules for the UK.

The Financial Services Authority has confirmed it will continue to require disclosure of short selling - but said it will focus on pushing for an international transparency regime rather than establish long-term rules for the UK.

UK/US - The Financial Services Authority and the US Securities and Exchange Commission are discussing approaches to reporting and other regulatory requirements for hedge funds and their advisers, the respective heads of the two organisations said.