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Seager is set for case after FSA delays

Whitechurch Securities chairman Kean Seager has finally been served with the FSA’s response to his claim against him after the regulator twice requested delays before filing.

Seager says he is frustrated over FSA delays in his Financial Service and Markets Tribunal case – which relates to allegations of precipice bond misselling – after the regulator twice requested month-long extensions on its submission of the statement.

He is challenging an FSA order which said that he had to write to all Whitechurch Securities clients regarding the sale of precipice bonds.

He has so far refused to write to the clients, saying that clear warnings were given with all communication material promoting the precipice bonds.

Seager is meeting with his legal team this week to discuss the FSA’s case and says he is confident he will win.

He says: “I really do not think we have done anything wrong, so I do not quite know what is taking so long. I suppose that once issues get into the legal system they take as long as they take and you just have to sit patiently and wait.”

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