FSA starts freezing accounts of splits firms - papers 10 May, 2004

The Scotsman writes that Exeter Fund Mangers, one of the 21 firms embroiled in the FSA’s investigation, has been told it cannot distribute to its shareholders the £310m it received from the sale of its unit trusts to New Star Asset Management last year. The FSA has refused to confirm whether a similar letter has been sent to Aberdeen Asset Management, another firm that sold unit trusts in the wake of the scandal, although it is known that AAM chief executive Martin Gilbert had a meeting with FSA chief executive John Tiner last Friday, the paper adds. A note from the auditors of BFS, a...