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FSA gives Resolution go-ahead after probe

The FSA has closed its investigation into Clive Cowdery and several other Resolution directors and will not be taking disciplinary action.

Cowdery’s new firm, Resolution Limited, was forced to halt acquisition plans until the probe was completed. It has now been given the green light to proceed with plans to buy up financial services businesses and restructure them.

The FSA investigated Resolution founder Cowdery for “certain actions” between October 2007 and May 2008 during the completion of the firm’s sale to Pearl.

The probe also covered Mike Biggs, now chairman of Resolution Limited, and Jim Newman, Ian Maidens and Brendan Meehan, who work at subsidiary Resolution Operations.

Former FSA chief executive John Tiner, who was recruited by Cowdery last August, was not involved in the investigation.

Biggs expressed concern over the disruption caused by the probe.

He says: “While 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 regulator’s need to invest- igate. We greatly appreciate the FSA undertaking its investigation in such an efficient manner, enabling it to be brought to a swift and decisive conclusion.”

Prior to the investigation, Resolution Limited was rumoured to be eyeing firms such as Friends Provident and Prudential’s UK insurance business.

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