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Resolution under FSA investigation

Resolution Limited has revealed that the former chairman and executive directors of Resolution Plc are under FSA investigation.

The directors under investigation include Resolution Ltd’s current chairman Mike Biggs, who continues to lead the company, entrepreneur Clive Cowdery and executive directors Ian Maidens, Jim Newman and Brendan Meehan.

The investigation covers the period between October 2007 and May 2008, when the sale of Resolution to Pearl was being negotiated.

Resolution Ltd says it does not expect to complete any acquisitions under its role as a consolidator of life and other financial services sector opportunities until the investigation is complete, but it will continue to research opportunities.

The Resolution board has temporarily appointed Phil Hodkinson as senior independent director to chair a special committee comprising directors other than the chairman.

The current Resolution board includes former FSA chief executive John Tiner, but he is not one of the individuals under investigation.

Resolution completed a £600m stock market flotation in December 2008.

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