Briefly noted

• The new head of Which, Peter Vicary-Smith, has criticised the Financial Services Authority’s "conflicting remit". In an interview with BBC Online, Mr Vicary-Smith questioned the balance of the FSA’s statutory objectives to protect consumers while at the same time promoting the financial services industry. "If the FSA becomes aware that a UK bank or insurer is in difficulties does it reveal this in order to protect the interest of consumers, in the knowledge that it may sound the death knell of the institution? Where does the prime duty of the FSA lie, with consumers or the industry?" he said. Mr Vicary-Smith of Which, formerly the Consumers’ Association, was equally scathing of the financial services industry in the UK, calling it "rotten" he said that the market needed to be more transparent and move away from commission-based selling practices.