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Failings in FSA split-caps consultation

Professional body the Actuarial Profession says it has identified three main failing in the FSA consultation on split cap investment trusts.

The first of the three troublesome areas the Actuarial Profession says it wishes to tackle is the proposal to restrict investment in funds of funds, which it believes will solve problems associated with crossholdings.

The second is the negative effects this restriction could have on fund of funds businesses. Finally, the Profession disapproves of the FSA’s proposal to remove all non-independent directors immediately.

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