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FSA calls off settlement discussions with split cap firms

The FSA has called off talks with a group of split cap firms after preliminary settlement discussions failed to reach agreement.

The FSA believes that a payment of £350m in compensation would be appropriate in light of the discussions, however the amount the firms have indicated they are prepared to make available is so far short of what is necessary that the FSA does not intend to continue with the discussions.

The FSA is continuing with its enforcement investigations against those firms that have refused to take part in the mediation and will begin referring cases to the independent Regulatory Decisions Committee in June.

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