The Financial Services Authority is expected to extract around £190m in compensation for investors who incurred losses in split-capital investment trusts, the Daily Telegraph reported over the weekend.
According to the Telegraph, Aberdeen Asset Management will contribute £75m but the final compensation amount is still much lower than the £325m the FSA had been pushing for in June. ABN Amro, UBS and HSBC are expected to settle with the FSA by making payments of £10m each while 17 other firms – including Aviva, Jupiter, F&C Asset Management, Britannic Investment Managers, Exeter and Gartmore – will contribute more than £150m. Broker Collins Stewart will also pay £10m; most of the other firms are expected to pay between £5m and £6m each. That said, the Telegraph says BFS and BC, hav...
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