Monday, March 9, 2009

FSA: Probes Probes Probes

UPDATE 3-Resolution's Cowdery, chairman, execs probed by FSA
Mar 9, 2009 9:42am EDT

"LONDON, - The founder of British buy-out company Resolution Ltd, insurance entrepreneur Clive Cowdery, is being investigated by Britain's financial watchdog (FSA), as is company chairman Mike Biggs and three others.

"Resolution Ltd said the probe into their actions as directors of Cowdery's previous investment vehicle, also called Resolution (Plc), would undermine its core business acquiring financial services firms because such deals needed Financial Services Authority approval.

"‘The company would not expect to ... complete any acquisition until this matter has been resolved,’ Resolution Ltd said in a statement on Monday.

"The FSA is also investigating three other former Resolution Plc executives who along with Cowdery are involved in running the new venture under the stewardship of John Tiner, a former chief executive of the FSA."

From the
FSA Web site:

“John Tiner joined the FSA in April 2001 after a 25-year career at Arthur Andersen, the accountancy and management consultancy firm. He was an Andersen partner for 13 years and was appointed head of the global financial services practice in 1997.”

He left Andersen just nine months before it collapsed in the wake of
the Enron scandal.

The Independent

FSA chief Tiner to quit for top job in private sector
Wednesday, 17 January 2007

“The chief executive of Britain's City watchdog yesterday said he planned to quit his £572,000 post in July to seek work in the private sector.

"John Tiner, 49, will have been with the Financial Services Authority for six years when he departs, becoming chief executive in 2003. He will remain on the FSA payroll until 2008 and will not be able to work for any financial services business or listed company during that time.

"Mr Tiner has picked a good time to leave the FSA, with tributes from the City ringing in his ears and no major crises on the horizon.

"It follows the decisions of both Richard Harvey, the Aviva chief executive, and James Crosby, who held the top job at HBOS, to depart at times of their own choosing.”

He left the FSA in good time indeed. I wonder if they pay our
Chief Medical Officer £572,000.

Then I found this in the Financial Times Website High Net Worth.

From gamekeeper to poacher – mandarins easily shed their skins
Pádraig Floyd
Published: 01 September, 2008

"Until I got on the train this morning, I knew exactly what I was going to write about in this column. It was then, as I sat thumbing through the press releases on my BlackBerry, that I saw something that changed my mind.

"That something wasn’t that Resolution boss Clive Cowdery is going to float his business, although that was of course very interesting. No, what caught my attention was that he had managed to land the transfer of the season, by securing Jon Tiner, former chief executive of the Financial Services Authority (FSA), as the new CEO.

Maybe I am the only person who has a problem with this, because as I write this some hours later, there has been no commentary from any quarter outlining concerns about such an appointment.

"But can it really be right that a man who held the shape and direction of the financial services industry under his control between 2001 and 2007 should then be allowed to work for a company that operates within that regulatory regime?"

You can read the full article here.

New: from The Guardian.

Popular Posts:
Picasso and Tradition?
Teratoma: One Patient One Disease?
Teratoma: An Extract,
A Brief History of Time: CPR (Cardiopulmonary Resuscitation)
House M.D.: Modern Tyranny
House M.D. : 95% vs 5%

No comments: