Reuters By Michael Race Business reporter, BBC News Morgan Stanley has been fined £5.41m ($6.9m) after energy traders discussed business over WhatsApp on private phones. Regulator Ofgem said the bank breached rules requiring firms to record messages linked to energy trading. It is the first fine of its kind to be issued under transparency rules aimed at protecting consumers against market manipulation and insider trading. The watchdog said that Morgan Stanley's failures were...

Reuters Peter Flavel said the handling of Mr Farage's case had "fallen below the bank's high standards" By Michael Race Business reporter, BBC News The boss of Coutts, the prestigious private bank for the wealthy, has stepped down over the handling of Nigel Farage's bank account closure. NatWest - which owns Coutts - said Peter Flavel's resignation had been mutually agreed and would be immediate. Mr Flavel said how the bank handled Mr Farage's account had "fallen below" its "high standards of...

Getty Images By Michael Race Business reporter, BBC News The fallout from Nigel Farage having his bank account closed has raised questions over whether banks can terminate accounts due to a person's political beliefs. The former UKIP leader has said an internal document from private bank Coutts indicated his political views were part of the decision for the account being closed. Dame Alison Rose has resigned as chief executive of NatWest which owns Coutts, after she admitted discussing Mr...

Getty Images By Michael Race Business reporter, BBC News A review into whether banks are closing accounts of people who are "politically exposed" should be prioritised, a Treasury minister has said. In a letter to the Financial Conduct Authority, Andrew Griffith said it was vital elected officials could access banking services. It comes after Nigel Farage said his accounts were being shut for political reasons - something people familiar with the decision dispute. The FCA has been contacted...

Getty Images By Michael Race Business reporter, BBC News Small businesses and unions have hit back at the Bank of England's chief economist saying people need to accept they are poorer otherwise prices will keep soaring. Huw Pill said a game of "pass the parcel" of workers asking for wage rises and businesses passing on higher costs was fuelling inflation. He added there was a "reluctance to accept" households were worse off. But the Federation of Small Businesses said his comments were "out...