FSA widens probe into split caps

The FSA has widened its investigation from about four to at least 10 fund manager and broker firms over allegations of colluding to support the price of each other's split-cap trusts. Speaking at the AITC's annual director conference, John Tiner, managing director of the FSA, said that in terms of resources, the investigation is its largest current operation. He added that the FSA's approach has been very focused, starting small and growing bigger. It began when a number of firms were formally referred to the FSA's enforcement division for investigation last autumn. In January, the sca...