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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.”

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