|
|
09 Mar 2009
Resolution Ltd chief financial officer Jim Newman is among senior executives under investigation by the Financial Services Authority (FSA) into a period during the company's eventual £5bn sale to insurance group Pearl.
Three Resolution Ltd executives – Clive Cowdery, Jim Newman and Ian Maidens – are being investigated by the FSA, according to reports in The Times today. The company's chief executive, former FSA chief executive John Tiner, is understood not to be part of the investigation.
Resolution Ltd stated that the FSA is examining 'certain actions' undertaken by the three executives during the period between October 2007 and May 2008. The inquiry is believed to be at an early stage.
Resolution Ltd was formed after the takeover of Resolution plc by Pearl that was concluded in August 2008. Resolution plc had been set to merge with Friends Provident in October 2007 when Pearl made a £4.5bn bid for the company. The takeover battle intensified when Standard Life entered the fray shortly afterwards. The three directors under investigation subsequently created a new entity, Resolution Ltd, which raised £600m from a listing on the stock market in December 2008.
The FSA investigation will prevent Resolution Ltd from completing any acquisitions until the investigation is completed. The FSA had already reportedly launched an inquiry into the takeover of Resolution plc over suspicion of market abuse by a variety of parties involved in the bidding battle.
Newman joined Resolution plc in 2005 from Aviva where he was finance director of the Norwich Union unit. He was promoted to group finance director at Resolution plc in March 2007.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
personal bond fund
I have a PBF and for 6 years or so the quarterly reports have had many mistakes and I still do not know whether everything is correct and accurate. The management of my fund has been very poor and this costs me 1% per annum deducted by Resolution. End December 2008 report was due on 20 February 2009 and I have heard nothing.
Posted by: Terence Gallant, 11 Mar 2009 | 00:00