The FSA so far has announced agreements with three individuals - David Thomas, David Keen and Alan Kerr - regarding their role in the regulator's investigation into split capital investment trusts.
Keen - formerly with Morley Fund Management prior to his retirement on 20 November 2001 - and Kerr - a former employee of Legg Mason Investments (Europe) Ltd - have agreed not to re-apply for approval to perform a controlled function for one year from 22 December.
David Thomas will not seek such re-approval at all. Thomas is retiring at the age of 71, the FSA says.
The FSA for its part says it “has not made a finding of a regulatory breach against” any of the three named.
The three have been identified by the FSA as part of the settlement with the industry following its “investigation into the activities of certain fund managers and brokers within the split capital investment trust sector between September 2000 and February 2002.”
An FSA spokesman says there are no more such announcements involving individuals who would stay out of the industry for a while expected in the near future.
An overall settlement with the splits industry was announced on Christmas Eve by the FSA, which will allocate some £194m towards compensation of retail investors.IFAonline
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