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FSA wraps up split-cap probe

The FSA has ended its five-year investigation into split-capital investment trusts after reaching a deal with four individuals that restricts their roles in the industry for various periods.

BC Asset Management chief executive David Bruce has agreed to resign and give up his controlled functions except investment management and not to perform any significant influence functions until April 2009.

Former chief executive of BFS Investments Anthony Reid has agreed not to perform any controlled functions until October 2009. The FSA has dropped its investigation into BCAM and BFS, which entered into a creditors’ voluntary liquidation in February 2006.

Former Collins Stewart employees Roderick Crawford and Paul Glover have agreed not to perform any customer or significant influence functions for set periods. Both now work at Fairfax IS.

The FSA says it will take no disciplinary action against these firms and individuals, that they have not made any admissions and it has not made any findings of regulatory breach against them.

A spokesman says: “The FSA has resolved and discontinued its investigation in respect of the remaining firms and individuals under investigation.”

Rowan head of research Tim Cockerill says: “It is good news we have some sort of closure on what happened.”

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