Client concerns

1. Sants defends FSA staff from 'out of touch' accusations

   The chief executive of the UK’s Financial Services Authority has rebuffed criticism that the regulator is staffed by “out of touch bureaucrats”, after again admitting regret over the flawed supervision of Northern Rock ahead of its collapse last year.

2. Private jet backlog buoys the industry

   The backlog of private jets, with orders until 2015, is set to keep the industry buoyant despite some corporations being forced to cut back on flights.

3. Survey shows client dissatisfaction with wealth managers

   Affluent clients are unsatisfied with the returns achieved by their wealth managers, particularly those at large brokerages or banks, a new survey conducted last week by Prince & Associates has shown, according to a Forbes report.

4. UBS to shut down Swiss-based services for its US clients

   A UBS executive told a US Senate panel that the Swiss company will shutter its private banking services that have served US clients from Switzerland.

5. Rathbones decides offshore is not worth the risk

   The decision by Rathbone Brothers, the UK wealth manager, to sell its offshore trust operations was driven by the negative view clients take of the business, according to chief executive Andy Pomfret.

6. Europe's economy takes a hit

   Just a few weeks ago, Europe thought it could escape the worst of the global slowdown. Now it looks like the euro zone, the world's second-largest economy, is headed for a hard landing and perhaps recession, compounding growth troubles around the world.

7. Deutsche Bank hits five-year low as analysts cut forecast

   Deutsche Bank shares fell to a five-year low this morning, under pressure from a falling market for UK and European bank stocks, and following a downgrade by analysts at Morgan Stanley, who called it "one of our least preferred wholesale banks in Europe".

8. Entrepreneurs bemoan government intervention

   Senior executives at UK-based small to medium-sized companies are struggling to achieve growth under the weight of legislation and government intervention, a survey has found.

9. Wealthy Americans unclear on inheritance planning

   More than a quarter of affluent Americans are unclear about how to spread their wealth as they debate whether to leave their fortune to their kids, charity or in some cases the government, a study by JPMorgan Private Bank has revealed, according to an Associated Press report.

10. Now even the wealthy are worried

    Well-heeled US investors are starting to be squeezed by the credit crunch, according to the Dow Jones Wealth Management Advisory Council.