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FSA ends investigation of Resolution directors

The FSA has closed its investigation into Clive Cowdery and several other Resolution directors.

The FSA’s investigation into Resolution founder Clive Cowdery and four former Resolution plc directors for “certain actions” undertaken between October 2007 and May 2008 during the completion of the firm’s sale to Pearl was announced in March this year.

Neither the FSA nor Cowdery’s new firm, Resolution Limited, would give details of the probe, which also covered Mike Biggs, now chairman of Resolution Ltd, and Jim Newman, Ian Maidens and Brendan Meehan, who work at subsidiary Resolution Operations.

Former FSA chief executive John Tiner, recruited by Cowdery last August, was not under investigation.

Now that the investigation has closed, Resolution will be allowed to press ahead with its acquisition plans within the life sector and other areas of financial services.

The firm says it plans to acquire and restructure financial services businesses and to sell or demerge them in order to generate money for shareholders.

Resolution chairman Mike Biggs says:”Whilst those of us being investigated never had any doubt regarding the outcome, we were concerned by the market disruption caused to the Company by the FSA’s need to investigate. We greatly appreciate the FSA undertaking its investigation in such an efficient and timely manner, enabling it to be brought to a swift and decisive conclusion.”

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