View more on these topics

FSA lacked split-cap evidence

The FSA has revealed it was advised by a barrister that it had insufficient evidence to prosecute anyone involved in the split-cap scandal.

In papers released under the Freedom of Information Act, FSA chief executive John Tiner says investigators had consulted the Crown Prosecutor’s code but, as a result, decided “it was not appropriate to pursue criminal proceedings”.

The code requires two tests to be satisfied – evidential sufficiency and the public interest test.

In a letter to Liberal Democrat MP Norman Lamb, Tiner also reveals that split-cap firms could be hauled in front of the Treasury select committee and that eight individuals are still being probed by the split-cap inquiry.

On Christmas Eve last year, the FSA announced that it had come to a resolution with 18 split-cap firms to start a compensation fund of 350m for investors.

In the letter to Lamb, Tiner says: “Our decision not to pursue disciplinary proceedings against parties to the settlement was driven by our aim to achieve compensation for investors.”

Winterthur Life chief executive Mike Kellard gets inspiration from a story of mountaineering survival and is aiming for the top end of the market with the firm’s focus on HNWs


Axa looks at Dublin for offshore base

Axa is investigating Dublin as an option for an EU-based alternative to its Isle of Man offshore centre. Axa says it is happy with its Isle of Man base but expects to have sufficient business to run two offshore jurisdictions.

Tribunal calls for further detail from FSA in L&G case

The FSA has been ordered by an appeal tribunal to submit the information used to find Legal & General guilty of widespread endowment mis-selling. Monday’s hearing discussed the penalty payment charged to L&G, and its response that the regulator should pay any costs, for inconclusive auditing. The hearing called for all outstanding detail, including that […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm