Settling a £194m deal on split capital investment trusts has been done in the shadows, The Times reports an MP on the Treasury Select Committee suggesting.
Not only was the deal announced on Christmas Eve, but it means some firms will escape naming and shaming, while the FSA will make no determination of regulatory breaches and impose no formal fines, the paper says. Those hoping for compensation will now have to wait up to nine months while eligibility is established, the FSA has said. The deal only covers those who held splits shares between July 2000 to June 2002, while claims below £250 “will not be entertained.” CLOSED LIFE FUND consolidators could themselves be consolidated, the FT writes. Industry consultant Ned Cazalet has ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes