Last week something amazing happened in Canary Wharf.
The FSA, operating from its ivory tower, made the truly groundbreaking decision to look into the role of authorised corporate directors. It fears “consumers who buy OEICs could suffer detriment” if ACDs are too close to the investment managers that hire them. Next they may start checking if banks were right to sell PPI. The FSA failed to mention the Arch cru scandal by name, or Capita – the ACD involved, but the failed investment scheme nonetheless loomed large in the background. Anecdotal evidence suggests this latest focus on ACDs is more than just an attempt by the regulator to ...
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