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Regulator ends split-cap investigation

The FSA has announced an end to its split-cap investigation with a further number of individuals agreeing not to perform customer and significant influence functions for various time periods.

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

In turn the FSA has discontinued its investigation into BCAM.

Roderick Crawford has agreed not to perform any customer functions until December 2007 and not to perform any significant influence functions until October 2009.

Paul Glover has agreed not to perform any customer functions until October 2007 and no significant influence functions until October 2008.

Both Crawford and Glover worked at Collins Stewart until July 2005 and now work at Fairfax IS PLC.

Former chief executive of BFS Investments Anthony Reid has agreed not to perform any controlled functions until October 2009.

The FSA has discontinued its investigation into BFS which entered into a creditors voluntary agreement in February 2006.

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

A number of other individuals took up similar agreements from the FSA in 2004 when the FSA announced its rescue package for investors.

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