THE FINANCIAL SERVICES AUTHORITY is expected to announce a £200m settlement of the split capital investment trust scandal this week, involving 19 fund managers, brokers and banks, says the .
The £200m will be used to compensate thousands of small investors, many of whom saw their savings wiped out by the collapse of more than 20 split trusts but the bone of contention, it seems, is the exact wording of the settlement announcement for which 19 firms are now said to have agreed to pay compensation. Settlement talks are being led by Aberdeen Asset Management chief executive Martin Gilbert on the industry side but Exeter, BFS Investments and BC Asset Management could now find themselves facing enforcement proceedings from the FSA as the Telegraph reports they were ejected from t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
