In brief: Santander’s £12m fine for bad advice, Wood quits after Future profit alert and Renminbi clearing bank set for City

Mark Wood today quit as chief executive of Future just a month after a profit warning at the firm, which publishes technology and gadget titles such as T3 and Tech Radar.

Zillah Byng-Maddick, the chief financial officer who previously ran car-classifieds business Auto Trader, takes over. Future has struggled with the move to digital publishing, which generates less than a third of turnover. Wood becomes a non-executive director.

Santander UK, the Spanish-owned high street bank, was today fined £12.4 million by the City regulator. The Financial Conduct Authority said the fine, the largest-ever for retail investment advice, was for “serious failings in the way it offered financial advice.” The FCA has ordered the bank to contact all affected customers and where necessary pay them compensation. It said the amounts were likely to be small.

The Bank of England and the People’s Bank of China will next week sign an agreement that will result in the creation of a renminbi clearing bank in London, the Treasury said today. In a boost for the Square Mile, the two central banks will agree to set up the first clearing service for renminbi trading outside Asia.

“Connecting Britain to the fastest-growing parts of the world is central to our economic plan,” said Chancellor George Osborne.