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Split-cap &#39spider&#39s web&#39 is biggest FSA probe

The FSA says its enforcement division has significantly widened the scope of its investigation into possible collusion between companies in the split-capital investment trust sector.

Speaking at the AITC conference for directors in London this week, FSA managing director John Tiner said the FSA had stepped up the initially small investigation to encompass many more fund firms and brokers.

He said the inquiry was now the biggest that the regulator has taken on, as it has had to bolster its enforcement division&#39s resources significantly to cope with the “spider&#39s web” it is trying to unravel.

Ensuring investors are compensated is a key aim for the FSA, said Tiner, who urged companies to compensate disgruntled investors without the FSA or Financial Ombudsman Service having to order them to do so.

By taking this approach, Tiner said fund firms could go some way to restoring the sector&#39s image.

He said: “The scale of the investigation has been increased significantly to encompass many more firms, covering both managers and brokers. It is open to firms to compensate investors without waiting being ordered to and we would encourage them to do so without delay.”

Hargreaves Lansdown head of research Mark Dampier says: “If companies compensate investors it is an admission of guilt and then the floodgates will really be open. I cannot see many firms believing that they are to blame.”


Matrix continues private equity project

Matrix Private Equity has established its second Matrix enterprise fund, a managed portfolio of between four and six enterprise investment schemes (EISs). The fund aims to provide capital growth and is similar to the previous fund which was introduced last year. It will be fully invested by April 2003 and has made two investments to […]

Moving goalposts of exemption

Last week, I looked at the important conditions that must be satisfied in securing exemption from tax on redundancy payments. Having finished that analysis, it occurred to me that I really should have preceded it with a consideration of whether a payment was, by its nature, one that could qualify for the special exemptions in […]

Noble Fund Managers – Enterprise Venture Capital Trust

Friday, 7 February 2003 Aim: Growth by investing in quoted and unquoted companies Minimum investment: Lump sum £1,000 Opening/closing date: December 19, 2002/April 2, 2003 Charges: Subject to negotiation Commission: Initial 3% Tel: 080 7367 5606

Countrywide to sue PI firm over £5.5m in payouts

Countrywide Assurance is aiming to recover £5.5m it paid out in compensation for pension misselling by its direct salesforce by suing its professional indemnity insurer. It follows PI insurer Marshal&#39s refusal to reimburse the firm, claiming that Country-wide had paid more compensation than it needed as some clients were compensated even though there was no […]


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