FSA ends split caps investigation

The regulator has been investigating the legality of attempts by some fund managers and brokers to address a lack of investor demand for splits following difficulties in the sector. However, after considering the roles of the final four individuals in its investigation, the FSA has concluded its inquiry. Included in the final four was David Bruce, who has agreed to resign as chief executive of Dorset-based firm BC Asset Management and not perform any “significant influence functions” in the industry until April 2009. The FSA says it has discontinued its investigation into BCAM. Roderi...