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FTSE 100 slips after G20 high

The FTSE 100 opened lower today at 4,111 after closing 4 per cent higher on Thursday at 4,125 as G20 hysteria subsided.

By 10am, London equities were down 0.08 per cent with the index at 4,122 and by 1.24pm it had fallen further to 4,107.

Banks held gains from the previous session, with Royal Bank of Scotland up 10.3 per cent to 31.10p, Barclays up 4.3 per cent to 175.70p and Lloyds Banking Group up 3.3 per cent to 79.00p.

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Lighthouse Group reports loss of £8.5m

Lighthouse Group has reported a loss of £8.5m in 2008, down from a profit of £1.9m the previous year, mainly due to the re-evaluation of businesses it acquired during the year.

Consolidate with destiny

The reasons behind the FSA’s desire for IFA businesses to be better capitalised, for advisers to be better qualified and for initial commission to be consigned to history have already been commented on widely in the press. Implementation of these measures, in line with last year’s retail distribution review, will undoubtedly help to professionalise and raise the esteem of the IFA industry.

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