The FCA has fined HSBC Bank plc, HSBC UK Bank plc, and Marks and Spencer Financial Services plc (HSBC) £6.28m for failures in its treatment of customers who were experiencing financial difficulties.

Swiss bank and wealth manager UBS is to acquire its troubled rival Credit Suisse in an “emergency rescue” deal worth £2.5bn.

The UK Government has sold £1.2bn of its shares in NatWest Group, reducing its stake to below 50% for the first time since its 2008 rescue deal for the group.

Challenger bank Monzo is to launch an investments and wealth business.