Two more split-cap firms have agreed to enter into settlement discussions with the FSA.
At a Treasury select committee meeting in June, Tiner revealed that just three out of 21 split-cap firms had agreed to enter into discussions but he told the public meeting that the figure has now risen to five, with several other firms say-ing they would be interested in mediation if the FSA is unable to reach agreement with a bigger group.
Tiner said the FSA has begun to present cases to the regulatory decisions committee and has invited the RDC to issue warning notices proposing regulatory sanctions, including compensation for consumers.
He is disappointed not to have reached an agreement with firms about compensation but says the FSA remains open to proposals by the firms concerned. However, it is not prepared to take any offer simply to achieve a settlement.
Tiner said: “If we cannot reach a settlement with all the firms concerned, we will have settlement discussions with those who have said they are prepared to try to reach agreement through mediation.
“So far, five firms have said they are willing to enter into such discussions – an increase of two since I responded to questions from the Treasury select committee about this three weeks ago.”