UK’s Financial Services Authority Resolves Investigation Of Alan Kerr

On 24 December the Financial Services Authority (FSA) issued a public statement announcing that it has reached agreement with a number of firms and individuals to resolve its investigation into the activities of certain fund managers and brokers within the split capital investment trust sector between September 2000 and February 2002.

The FSA has also resolved its investigation in respect of Alan Kerr. The FSA has agreed to take no disciplinary action against Mr Kerr, and has confirmed that it has not made a finding of regulatory breach against Mr Kerr and that Mr Kerr has not made any admissions.

Under the terms of the agreement between Mr Kerr and the FSA, and in the light of the agreement with the other firms and individuals described above, Mr Kerr will withdraw proceedings commenced by him before the Financial Services and Markets Tribunal for approval by the FSA to perform a controlled function. Mr Kerr has agreed not to apply afresh for such approval for a period of one year from 22 December 2004.