British regulators have exempted junior non-executive directors of banks and insurance companies from a tough new personal liability regime which could make them criminally liable for bank failures, the Financial Times reported. The Financial Conduct Authority (FCA), had originally planned to include all non-executive directors of banks and insurers in its new rules, after criticism that those running collapsed UK banks could not be held personally liable for their institutions’ demise.

Investment banks in the UK face an investigation by the Financial Conduct Authority regulator into possible conflicts of interest and anti-competitive practices, the Financial Times reported. However, the probe is unlikely to lead to an overhaul of the sector, say financial experts, and some of its intended beneficiaries question whether it is needed at all. The FCA announced on Thursday a review of investment and corporate banking, invoking new powers that could force banks to stop selling products and be more transparent about how they charge clients.

The board of Petropavlovsk PLC warned Wednesday that it could face insolvency should its proposed refinancing plan not be passed by shareholders and urged shareholders to vote in favour of the plan, following a call to oppose the proposals from Sapinda Holdings BV Tuesday.

Lloyds and Royal Bank of Scotland are set to impose a cap on cash bonuses for the sixth consecutive year, in line with previous agreements made with the Government body that holds the taxpayer’s shares in the banks, The Telegraph reported. The two banks negotiate with UKFI each year before setting their bonuses. As well as adhering to European rules that cap bonuses at a maximum of 200pc of base salary, Lloyds and RBS are expected to limit cash rewards to £2,000 per employee, in line with a long-standing agreement with UKFI.

Petropavlovsk PLC suffered a blow Tuesday when an investment vehicle representing a sizable number of the Russia-focused gold miner’s shareholders said it would vote against the company’s financing package, which is aimed at staving off the threat of bankruptcy, The Wall Street Journal reported. Sapinda Holdings B.V. told the U.K.-listed miner that shareholders representing 10.7% of Petropavlovsk’s equity intend to vote against the company’s restructuring proposal after concluding that it unfairly favors bondholders over shareholders.

British bank HSBC Holdings Plc admitted failings by its Swiss subsidiary in response to media reports it helped wealthy customers dodge taxes and conceal millions of dollars of assets. The International Consortium of Investigative Journalists (ICIJ), which coordinated the reporting, said a list of people who held HSBC accounts in Switzerland included soccer and tennis professionals, rock stars and Hollywood actors. Reuters could not independently verify any of the names listed by the ICIJ. Having a Swiss bank account is not illegal and many are held for legitimate purposes.

In a related story, The Wall Street Journal reported that the U.K. government is stepping up contingency planning to prepare for a possible Greek exit from the eurozone and the market instability such a move would create, U.K. Treasury chief George Osborne said on Sunday. A spokeswoman for the Treasury declined comment on the details of the contingency planning. The U.K. government has said the standoff between Greece’s new antiausterity government and the eurozone is increasing the risks to the global and U.K. economy.

The board of troubled British insurance company Towergate has agreed a deal with its bondholders, which will see the company taken over by its unsecured creditors, the company said on Friday. News of the deal had earlier been confirmed to IFR by a source close to the situation. Under the terms of the deal the unsecured bondholders led by Highbridge Capital Management, KKR and Sankaty will between them provide 300 million pounds ($457.26 million)of cash, 250 million pounds of which will used to pay senior secured bondholders, with 50 million pounds invested into Towergate itself.

The administrators for foreign exchange broker Alpari UK have been unable to sell the business after the company was crippled by losses caused by Switzerland's removal of its cap on the Swiss franc, Reuters reported. The joint administrators from KPMG said on Thursday they had sold the firm's intellectual property assets, including the Alpari trademark, to co-founder and main shareholder Andrey Dashin.

The co-founder of Russian-owned broker Alpari applied a year ago to wind up the parent company of its retail FX brokerage Alpari UK, fearing long before the company's collapse from trading losses last week that it "was doomed". Andrey Dashin, whose website lists him as "the Chairman of the Board of Directors and co-owner of the Alpari brand", said he lodged a winding-up petition for Alpari UK parent company Alpari Group Limited with a Cypriot court on Jan. 28, 2014.