THE QUEST to identify who did what in the split capital investment trust debacle has thrown up some ...
THE QUEST to identify who did what in the split capital investment trust debacle has thrown up some 50 names of individuals who now risk being barred from the City if the FSA finds they colluded to prop up ailing funds, the FT says today.
The paper says about 50,000 investors lost about £6.5bn when the 40 splits they invested in ran into trouble, and finding out just what went wrong has turned into the biggest ongoing investigation out of all those currently being done by the FSA.
THE TIMES SAYS that the appointment of John Tiner as the new FSA chief executive yesterday signals a management shakeup, which will result in additional focus on key issues.
The review of positions is going to start with top management, the paper adds, in order to make better sense of the "40 priorities" the regulator is currently struggling to deal with effectively.
THE SCOTSMAN says giving John Tiner the position means putting the FSA into "a safe pair of hands", which also resonates well with those fearful of incoming chairman Callum McCarthy's inexperience in financial regulatory matters.
Already, however, Tiner has been put on notice by Treasury Select Committee chairman John McFall, who last year publicly rebuked the managing director over his role in the split capital investment trust fiasco.
"He has a big agenda to undertake - to prove that the FSA is a proactive rather than just a reactive organisation," the paper quotes McFall.
LAUNCHING THE new pension credit to replace the Minimum Income Guarantee, secretary of state for work and pensions Andrew Smith yesterday said he wanted 73% of eligible pensioners to sign up within three years, The Daily Telegraph reports.
This, of course, means that nearly 1.5m pensioners will miss out when the credit starts, and represents "defeat before the process has even started," the paper quotes Help the Aged.
Worryingly, the computer system being used to administer the pension credit is supplied by EDS, the same company behind the child and working tax credits fiasco.
And the government wants to use telephone "hot lines" to help with the registration process - precisely the sort of thing that has failed this year.
TROUBLED US bank Citigroup says it is close to striking a deal with US authorities over its role in the collapse of Enron, the FT reports.
This follows last year's deal between Merrill Lynch and the New York District Attorney's office, in which ML neither admitted nor denied wrongdoing.
JPMorgan is also engaged in discussions to determine a suitable payment to end investigations into its role in the Enron disaster - Wall Street investment banks collectively have already funded a $1.4bn settlement in relation to some of the issues raised by their involvement with Enron.
Partner Insight Video: Advisers have had to adapt to the changing investment landscape.
Investment trust savings scheme