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Martin Gilbert The Financial Conduct Authority’s final report into the £7 trillion fund management industry has received a mixed reception amid claims that its findings constitute a capitulation to pressure exerted by one of the finance sector’s most powerful lobbies.

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A £700 million agreement has been reached which will see the floundering Co-operative Bank saved from going to the wall after shareholders agreed to swap their debt for a stake in the bank.

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Ray Entwistle Hampden & Co, the Edinburgh-headquartered private bank which opened in June 2015 to offer private banking facilities to high net worth clients, and their families has seen steep growth on both sides of the balance sheet.

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