FSA to publish splits report
The Financial Services Authority has confirmed it expects to publish its preliminary report on split trusts this Thursday.
The report, which comes in the wake of the growing scandal over split capital investment trusts, could result in a far-reaching investigation into the industry.
Many investors have lost out by investing in the trusts, which have suffered from falling stock markets and a ‘magic circle’ of funds that invested in each other.
The highly complex structures were marketed as low risk investments, but now many investors face losing up to 90% of their money.
Class Law, the group legal action specialist, is continuing to plan moves against those advisers, including accountants, who adviced clients to invest in the trusts.