UK’s Financial Services Authority And David Thomas

Today 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 into the affairs of David Thomas, formerly a consultant with Brewin Dolphin Securities Ltd.

Under the terms of the agreement between Mr Thomas and the FSA, Mr Thomas will withdraw proceedings commenced by him before the Financial Services and Markets Tribunal for approval by the FSA to perform a controlled function. Mr Thomas is retiring at the age of 71 and has agreed not to apply afresh for such approval.

The FSA has agreed to take no regulatory action against Mr Thomas, and has confirmed that it has not made a finding of regulatory breach against Mr Thomas.

Background

1. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
2. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.