FSA to reveal splits evidence

THE 21 firms at the centre of the split-capital investment trusts investigation will learn this week of the evidence that the Financial Services Authority claims to have against them.

The regulator has promised to write 'on or around' April 30, setting out its case against each firm and indicating the sort of sanctions it deems appropriate.

But the firms have been asked to sign confidentiality agreements that preclude them from discussing their cases, or those of their competitors, before the regulator will release its evidence. It is understood that many firms have refused to sign.

The regulator's move is the latest twist in a two-month saga that began when John Tiner, FSA chief executive, summoned the firms to a meeting to discuss a potential settlement for investors who have lost millions. Only three firms agreed to contribute, while five told the regulator that they did not believe there was any case to answer.