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Huge splits&#39 bill heading our way

Recent news reports indicate that the attempts by the FSA to pull together a satisfactory compensation fund from the 21 firms involved in the split-capital investment trust debacle have failed and as a result, “in the months ahead, the FSA may find itself embroiled in several legal battles concerning splits, including the upcoming tribunal of David Thomas, formerly of Brewer Dolphin”.

As is well known, legal battles are notoriously and often hugely costly affairs, particularly at corporate level. It would be interesting to read an informed estimate of just how much these assorted legal battles are likely to cost, not least in view of the fact that all of us out here will be presented with the bill.

The question this raises, as ever, is whether or not the FSA is conducting its affairs in a fiscally responsible manner, something else over which doubts have been raised in many quarters recently.

Julian Stevens

WDS, Bristol

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