Split ends

A sorry chapter in the history of mis-selling, conflicted governance and dubious cross-holdings closed in May when the FSA concluded its investigation into the behaviour of fund managers and brokers in the split capital investment trust sector. Four individuals have agreed to not to engage in various regulated activities without admitting to any breach of the rules in return for not facing disciplinary action. David Bruce will step down at CEO of BC Asset Management (BCAM) and relinquish all controlled functions other than CF27 (investment management). He will not perform any significant influence functions before 3 April 2009. BCAM is also no longer under investigation. Roderick Crawford has agreed not to undertake any customer functions until 31 December 2007 and any significant influence functions before 3 October 2009. Paul Glover will not perform any customer functions until 3 October this year or any significant influence functions for another year after that date. Anthony Reid, former CEO of BFS Investments Plc (BFS), will desist from performing controlled functions until 3 October 2009. BFS went into voluntary liquidation in February 2006.