One year on, will the letters be repeated?

The FSA would, of course, never admit that was the intent behind the letters, but with reports suggesting some insurers were actually making more money by shorting stocks than going long, it was clear that a downward spiral had to be averted. The FTSE 100 index did crash another 165.7 points to close at 3,287 on 12 March 2003, the day after the letters were sent, but from there on in it has been plain sailing for the masters of UK pension funds and other institutional investors. Arguably, the FSA that day did a favour to all 13 million UK retail investors, and the millions of others w...