Citigroup Global Markets Limited (CGML) has been hit today with two fines by UK financial regulators totalling nearly £62m.

Swiss bank and investment provider Credit Suisse has been fined £87m by the Prudential Regulation Authority for “significant failures in risk management and governance” related to the collapse of Archegos Capital.

The Prudential Regulation Authority has fined former TSB Bank plc chief information officer Carlos Abarca £81,629 for his part in IT failings which hit 5.2m TSB customers. 

Liz Truss, the Foreign Secretary and frontrunner to be next Prime Minister, plans to create a merged financial 'super regulator', according to a new report.