Reports of investment scams rose 49% to a record high in July at banking giant Barclays, the highest ever number recorded.

Barclays has launched a new digital service for clients with a minimum of £5,000 to invest, which it claims will tackle the UK’s advice gap and give more people the confidence and support their savings.

Former Financial Services Authority chief executive Hector Sants has been appointed the first chairman of the new single financial guidance body (SFGB).

Following today’s announcement that Barclays chief executive James ‘Jes’ Staley will be fined £642,430, his employer has cut his total remuneration package by £500,000.